Banking in Pakistan
Encyclopedia
Banking in Pakistan first formally started in Pakistan
during the period of British colonialisation in the South Asia
. After independence from British Raj in 1947, and the emergence of Pakistan as a country in the globe, the scope of banking in Pakistan has been increasing and expanding continuously. Pakistan's oldest bank is the State Bank of Pakistan
, which is also the central bank of the nation. Before independence on August 14, 1947, the Reserve Bank of India
was the central bank of what is now Pakistan. After independence, Muhammad Ali Jinnah
took actions to establish a central bank in Pakistan which resulted in the new founding of the State bank of Pakistan, with its headquarters to be based in Karachi
.
Only 7% of the population uses the banks, has tremendous potential but this needs to be pushed a little further
Pakistan
Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan...
during the period of British colonialisation in the South Asia
South Asia
South Asia, also known as Southern Asia, is the southern region of the Asian continent, which comprises the sub-Himalayan countries and, for some authorities , also includes the adjoining countries to the west and the east...
. After independence from British Raj in 1947, and the emergence of Pakistan as a country in the globe, the scope of banking in Pakistan has been increasing and expanding continuously. Pakistan's oldest bank is the State Bank of Pakistan
State Bank of Pakistan
The State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
, which is also the central bank of the nation. Before independence on August 14, 1947, the Reserve Bank of India
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
was the central bank of what is now Pakistan. After independence, Muhammad Ali Jinnah
Muhammad Ali Jinnah
Muhammad Ali Jinnah was a Muslim lawyer, politician, statesman and the founder of Pakistan. He is popularly and officially known in Pakistan as Quaid-e-Azam and Baba-e-Qaum ....
took actions to establish a central bank in Pakistan which resulted in the new founding of the State bank of Pakistan, with its headquarters to be based in Karachi
Karachi
Karachi is the largest city, main seaport and the main financial centre of Pakistan, as well as the capital of the province of Sindh. The city has an estimated population of 13 to 15 million, while the total metropolitan area has a population of over 18 million...
.
Only 7% of the population uses the banks, has tremendous potential but this needs to be pushed a little further
See also
- State Bank of PakistanState Bank of PakistanThe State Bank of Pakistan is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged...
- List of banks in Pakistan