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| EconomyOfPakistan » Banking Sector in Pakistan » Specialized Banks |
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Specialized Banks |
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The vast expanse of South Asia comprises of several international emerging markets. A key player of the region is the country of Pakistan. A rapidly developing nation, Pakistan is slowly emerging out of its poverty stages after independence in 1947. While the country’s economic growth rate in the last few years has fluctuated considerably owing to imprudent policies and crucial challenges on the political and economic fronts, the introduction of expansive economic reforms in recent years has however resulted in accelerated growth in several sectors, including the banking sector.
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Today with some signs of improvement are visible within the banking sector however a complete turnaround of performance is not yet projected until the completion of all the reforms. Pakistan’s highly regulated banking sector of is presided over by the Central Bank of Pakistan, The State Bank of Pakistan (SBP). It encompasses several Commercial Banks and Specialized Banking Institutions within its periphery. Specialized Banks are also part of the banking sector in Pakistan which significantly caters to the development of a stronger economic outlook of the country.
Specialized banks in Pakistan are created with specific interests, thus specializing and catering to a particular sector industry. Offering a wide range of policies, and services, these Specialized Banks work in tandem with the present economic scenario of the country. There are several specialized banks in Pakistan and are listed below as:
Industrial Development Bank (IDBP) – located in Karachi, it is one of Pakistan's oldest development financing institution. It was created with the aim of extending term finance for investment in the manufacturing sector of the economy. Today, the bank has emerged as an institution fostering the growth and development of SME sector stimulating industrial progress in the less developed regions. Besides playing an active role in money and capital market of the country, the bank also offers profitable opportunities for the investment in its deposit schemes.
Zarai Taraqiati Bank Limited (ZTBL) - located in Islamabad, this bank provides development aid to the farming industry in Pakistan, and is better known as Agricultural Development Bank of Pakistan (ADBP). It stands as the premier financial institution geared towards the development of the agricultural sector. In 2002, ZTBL was incorporated as a Public Limited Company under repeal ADB Ordinance of 1961.
Punjab Provincial Cooperative Bank
SME Bank
For further information on other categories relating to Pakistan’s Economy keep browsing through the links at www.economyofpakistan.com
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