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Banking in Pakistan

Banking in Pakistan first formally started in Pakistan during the period of British colonialism in India.[1] 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.[2] 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.[3]

As per State Bank of Pakistan data, there are 50.565 million bank accounts in Pakistan, giving a penetration rate of 24.34%. In addition, there are 15,053 bank branches, 14,148 ATMs, and 53,269 POS machines active in the country.[4]

See alsoEdit

ReferencesEdit

  1. ^ Cooke, Charles Northcote (1863) The rise, progress, and present condition of banking in India. (Printed by P.M. Cranenburgh, Bengal Print. Co.), pp.175-76.
  2. ^ Chen, James. "Reserve Bank Of India - RBI". Investopedia. Retrieved March 9, 2019.
  3. ^ "A brief history of the evolution of the State Bank of Pakistan". The Express Tribune. June 23, 2013. Retrieved March 9, 2019.
  4. ^ "Payment Systems Review - Quarter 1 FY19" (PDF). State Bank of Pakistan.