Banking in Pakistan
Banking in Pakistan formally began during the period of colonialism in South Asia, during which much of Pakistan was controlled by the British Empire. In 1947, Pakistan gained independence from the British Raj. After independence, the State Bank of Pakistan was established as the central bank of the country, with its headquarters in Karachi. Prior to independence, the Reserve Bank of India acted as the central bank for what became Pakistan.
In 2018, there were 50.565 million bank accounts in Pakistan for its population of 207.77 million, resulting in a penetration rate of 24.34%. There were 15,053 bank branches, 14,148 ATMs, and 53,269 POS machines active in the country.
