SBP seals NBP branch over fake currency notes
A high-level investigation is underway to trace the origin of the fake currency.
HAFIZABAD: The State Bank of Pakistan (SBP) has sealed the Hafizabad branch of the National Bank of Pakistan (NBP) after it detected fake currency notes worth Rs 500. 2 million
The State Bank has also imposed a hefty fine of Rs 1,000. 200 million on the bank for this serious lapse. The fake currency was deposited in the NBP branch through a private bank, raising concerns about banking supervision.
A high-level investigation is underway to trace the origin of the fake currency. The complexity of the case involves multiple agencies, which makes the investigation difficult.
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The incident has exposed the weaknesses of the banking system, leading to calls for strict measures to prevent such incidents in the future.