Now government has decided to privatize the commercial banks. The banks are in the process of privatization like other units of the economy since 1990. This step is taken to provide better banking facilities to the public. It was also argued that loans were used as a political bribe and it destroyed our banking system. People are not willing to repay the loans in spite of all govt. efforts. So after privatization private banks will not accept the political pressure and loans will be issued on merit.
In January, 1991, a Privatization commission was set up and two Commercial banks namely MCB and ABL were transferred to private sector. While other banks like HBL and UBL are under the process of privatization.
In August, 1991 government has also allowed the establishment of new private banks. Now new banks like Askari Bank, Platinum Bank, Indus Bank, Mehran Bank and many other banks are established. These banks have established their branches in all the important cities of the country. These banks have hired services of experienced and efficient bankers to provide better facilities to the Customers. These private banks have brought revolutionary changes in the banking sector of Pakistan. It also offers jobs to our new generation.
In January, 1991, a Privatization commission was set up and two Commercial banks namely MCB and ABL were transferred to private sector. While other banks like HBL and UBL are under the process of privatization.
In August, 1991 government has also allowed the establishment of new private banks. Now new banks like Askari Bank, Platinum Bank, Indus Bank, Mehran Bank and many other banks are established. These banks have established their branches in all the important cities of the country. These banks have hired services of experienced and efficient bankers to provide better facilities to the Customers. These private banks have brought revolutionary changes in the banking sector of Pakistan. It also offers jobs to our new generation.