SBP Seals NBP Branch Due to Presence of Fake Currency Notes

The State Bank of Pakistan (SBP) has sealed the Hafizabad branch of the National Bank of Pakistan (NBP) after detecting fake currency notes worth Rs. 2 million. The SBP has also imposed a heavy fine of Rs. 200 million on the bank for this serious lapse. The counterfeit currency was deposited through a private bank into the NBP branch, raising concerns about banking oversight. A high-level investigation is underway to trace the origins of the fake currency. The case’s complexity involves multiple entities, making the investigation challenging. This incident has exposed weaknesses in the banking system, leading to calls for stricter measures to prevent such occurrences in the future. Via: 24News