ISLAMABAD—Allied Bank Limited (ABL), one of the noted commercial banks in Pakistan, is again in the headlines for the wrong reasons. An incident of extreme negligence was witnessed at its Aabara branch in Islamabad.
The ABL branch reportedly paid Rs12 million to a customer who had submitted a cheque of Rs1.2 million for cash withdrawal. This raises questions about the efficiency and staff integrity of the commercial bank.
It all happened after the bank staff entered the incorrect amount into the computerised system, and surprisingly, the amount was paid out, reported Daily Ausaf here on Tuesday.
Usually, the cheque for such a vast amount is cross-checked by the higher staff before being released. So, you cannot call it a human error but a great negligence or an attempt at fraud by Allied Bank Limited.
Reports said an investigation was launched into the matter but the bank had not disclosed yet.
The Allied Bank has made the headlines in the past for the wrong reason. In October 2023, the State Bank of Pakistan (SBP) imposed a heavy fine on Allied Bank Limited and three others for violating the rules and regulations.
A statement issued by the central bank’s Banking Supervision Department said fines worth Rs83.157 million have been imposed on all four banks.
It said the banks were found guilty of breaching the standards of Know Your Customer (KYC), foreign exchange, and general banking operations.
