History of Bank in Pakistan

 History of Banking in Pakistan Essay

History of BANKing in pakistan

Banking in fact is old fashioned as man society, for ever since person came to know the importance pounds as a method of exchange; the necessity of a controlling or regulating firm or organization was the natural way felt. Probably it was the Babylonians who also developed financial system as early as 2000 BC. IT is obvious that the wats or temples of Babylon were applied as ‘Banks' because of the frequent respect and confidence in the clergy. The partition prepare was announced on June 3, 1947 and Aug 15, 1949 was fixed as the date where independence was going to take effect. It was made a decision that the Hold bank of India ought to continue to function in the mastery of Pakistan until September 30, 1948 due to management and technological difficulties associated with immediately creating and functioning a Central Bank. In the time partition, count of banking institutions in Pakistan were 37 out of these the commercial banks in Pakistan were 2, which are Habib Lender Limited and Australia Lender of India. The total deposits in Pakistaner banks was at Rs. 880 million whereas the advances were Rs. 198 , 000, 000. The Chief of the servants General of Pakistan, Muhammad Ali Jinnah issued the order pertaining to the organization of Express Bank of Pakistan on 1st of July 1948. In 1949, National Lender of Pakistan was established. This started with six offices in past East Pakistan. There were 16 Pakistani slated commercial banking institutions operating in the region on 12 , 1973, the name of those were: National Bank of Pakistan

пЃ¶пЂ Habib Bank Limited

пЃ¶пЂ Habib Bank (Overseas) Limited

пЃ¶пЂ United Lender Limited

пЃ¶пЂ Muslim Commercial Financial institution Limited

пЃ¶пЂ Commerce Bank Limited

пЃ¶пЂ Australia Financial institution Limited

пЃ¶пЂ Standard Bank Limited

пЃ¶пЂ Bank of Bahawalpur Limited

пЃ¶пЂ Premier Traditional bank Limited

пЃ¶пЂ Pak Bank Limited

пЃ¶пЂ Lahore Industrial Bank Limited

пЃ¶пЂ Sarhad Traditional bank Limited

пЃ¶пЂ Punjab Provincial Cooperative Bank Limited

The Pakistan Banking Authorities prepared banking companies amalgamation strategies in 1974 for combinations of smaller banks with the five...