Fake Currency Notes Found in Pakistani Banks, State Bank Shuts Down National Bank Branch

Karachi: The State Bank of Pakistan has shut down the National Bank of Pakistan (NBP) branch in Hafizabad following the discovery of fake currency notes worth two million rupees.
The closure came after it was revealed that counterfeit bills were deposited at the branch through a private bank. In response to this serious lapse, the State Bank imposed a hefty fine of 200 million rupees on National Bank. The incident has raised concerns about banking oversight, especially considering that multiple institutions are involved in the case, making the investigation more complex.
The State Bank has launched a probe to trace the origin of the counterfeit notes, with authorities emphasizing the need for stronger measures to prevent such occurrences. This incident has brought to light vulnerabilities within the banking system, calling for urgent reforms and improved vigilance to safeguard against fraudulent activities.