ISLAMABAD, May 23: The Competition Commission of Pakistan (CCP) on Friday asked the Pakistan Banking Association (PBA) and seven banks which had been penalised on April 10 for acting in a cartel-like manner to submit a compliance report by May 28.

Under the competition ordinance, the institutions penalised by the commission could file an appeal before the appellate bench of the CCP within 30 days. The penalised institutions will have to submit 25 per cent of the fine even if they decide to file an appeal. It may be mentioned that neither the PBA nor any of the banks has so far responded. They may file an appeal in the Supreme Court against the commission’s decision.

The CCP had conducted an inquiry against 41 commercial banks and the PBA and found the association and seven banks guilty and imposed a penalty of Rs3 million on the PBA and Rs2.5 million on each of the seven banks – Habib Bank, Allied Bank (ABL), Muslim Commercial Bank, United Bank, Saudi Pak Bank, Atlas Bank and National Bank of Pakistan (NBP).

The remaining banks were given the benefit of doubt and no penalty was imposed.