Saudi central bank fines NCB for extra deductions on salaries of clients

The Saudi Arabian monetary Authority (SAMA), the Kingdom’s central bank, has imposed a fine on the National Commercial Bank (NCB) for non-compliance with the regulations set on salary and pension deductions for some clients.

NCB, Saudi Arabia’s second largest bank in terms of assets, has reimbursed the clients, SAMA said in a statement.

SAMA added that it has already fined the bank for the violation, without disclosing the fine’s amount.

The Saudi central bank had earlier issued directives that only 33 percent of monthly salary should go toward loan repayments and bank installments, Argaam earlier reported.