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The State Bank of Pakistan gained autonomy, and United Bank Limited, which had collapsed, was recapitalized under central bank management. [1] In 1997, Pakistan initiated banking reforms to address long-standing issues within major state-owned banks, such as the National Bank of Pakistan (NBP), Habib Bank Limited (HBL), and United Bank Limited ...
Before independence on 14 August 1947, during the British colonial era, the Reserve Bank of India was the central bank for the then undivided subcontinent. On 30 December 1948 the British Government's commission distributed the Reserve Bank of India's reserves between Pakistan and India—30 percent (750 M gold) for Pakistan and 70 percent for India.
And the federal government has been ordered to completely abolish interest rates and implement a usury-free banking system in the country within a period of five years. [2] On June 25, 2022, State Bank of Pakistan along with four other banks challenged the decision of the Federal Shariah Court against interest in the Supreme Court. [3]
The National Bank of Pakistan (NBP) was established in 1949 under the National Bank of Pakistan Ordinance as a government-owned bank. Initially, NBP functioned as an agent of the central bank in areas where the State Bank of Pakistan did not have branches and managed government treasury operations.
Its House of Commons Paper, Inquiry into the Supervision of the Bank of Credit and Commerce International, was published in October of that year. Following the report, BCCI liquidators Deloitte Touche filed suit against the Bank of England for £850m, claiming that the Bank was guilty of misfeasance in public office. The suit lasted 12 years.
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After the State Bank of Pakistan was founded in 1948, a currency dispute between India and Pakistan broke out in 1949. Trade relations were strained until the issue was resolved in mid-1950. Monsoon floods between 1951–52 and 1952-53 created further economic problems, as did uneven development between East and West Pakistan.
The Federal Bank for Cooperatives (FBC) was a specialized financial institution in Pakistan that catered to the needs of housing and agricultural cooperatives.Established in 1976, it was one of the oldest banks in the country and played an important role in providing agricultural credit during the early decades after partition. [1]