KARACHI: There has been a tremendous increase in the number of branches of Pakistani scheduled banks in the country and abroad, according to official figures. During the past 16 years, the total number of branches of Pakistani scheduled banks has increased from 23 to over 1,226. This expansion programme of Pakistani banks is stated to have admirably filled the vacuum caused by the large-scale closure of Indian bank offices.

The expansion in the business of Pakistani banks has been commensurate with the growth in the number of their offices, as at the end of June 1964 they held 79 per cent of the total bank deposits and were responsible for 82 per cent of total bank advances. Three Pakistan banks, the National Bank of Pakistan, United Bank Ltd., and the Habib Bank (overseas) Ltd. have opened branches in foreign countries — the total number of such branches now stands at 14. The expansion in commercial banking facilities has served to mobilise domestic savings which have been used to meet the growing credit requirements of the economy. Apart from financing from foreign trade and commerce, commercial banks, in recent years have played an important role in meeting the working capital requirements of domestic industries.

Published in Dawn, November 19th , 2014