The National Bank of Pakistan penalized for Rs 10m over poor banking services

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State owned The National Bank of Pakistan has been fined for Rs 10.26million over violation of directives of the State Bank of Pakistan during the period between October to December 2021. In addition to monetary penalties, the bank have been instructed to tighten their systems in the specified areas The State Bank of Pakistan has shared a general banking operations handbook with all commercial and microfinance banks operating in Pakistan and is ensuring its execution.
Just to refresh the memory, the National Bank of Pakistan systems were compromised on October 29th 2021 in what the bank claims was a cyber-attack, causing national service disruptions at the state-owned bank.
The bank stated that it has taken immediate steps to isolate the affected systems and that no customer or financial data had been accessed. Customers and employees in the public sector, on the other hand, have experienced considerable delays in withdrawing cash through banking channels such as ATMs, internet, and cash counters.

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