Hafizabad, Pakistan – The State Bank of Pakistan (SBP) has sealed the Hafizabad branch of the National Bank of Pakistan (NBP) after uncovering counterfeit currency notes worth Rs. 2 million. The discovery has prompted immediate action, highlighting critical gaps in banking oversight.
In addition to the branch closure, the SBP has imposed a substantial fine of Rs. 200 million on NBP for failing to prevent this serious lapse. The counterfeit currency was reportedly deposited into the NBP branch via a private bank, raising concerns about the due diligence practices within the financial sector.
Authorities have launched a high-level investigation to trace the origins of the counterfeit notes. The complexity of the case, involving multiple financial entities, has made the investigation particularly challenging.
The incident has exposed significant vulnerabilities in the banking system, leading to widespread calls for stricter regulatory measures and improved oversight mechanisms to prevent similar occurrences in the future.
As the investigation unfolds, the SBP and other regulatory bodies are expected to announce further steps to address the issue and reinforce the integrity of Pakistan’s financial system.
Source: ProPakistani
