HAFIZABAD: The State Bank of Pakistan (SBP) has closed the Hafizabad branch of the National Bank of Pakistan (NBP) after detecting Rs. 2 million in counterfeit currency notes. This discovery highlights major lapses in banking oversight, as the fake notes were reportedly routed through a private bank.
The SBP fined NBP 200 million rupees for this major lapse. A high-level inquiry is underway to find out where the counterfeit money came from. The investigation has become more complicated due to the involvement of various entities.
The financial system may have some vulnerabilities, as this incident has shown; thus, people are demanding more robust security measures to prevent this from happening again.
