Banks add 800 branches every year

KARACHI: Approximately 800 new bank branches are opened every year in urban and rural areas in Pakistan and banking sector is playing an instrumental role when it comes to inclusion, Governor State Bank of Pakistan (SBP) said. 

“Products like SMS, mobile and internet banking are playing a critical role to make inclusion possible,” Tariq Bajwa, governor of SBP said, addressing the second Pakistan Banking Awards ceremony.

Bajwa said the sector is constantly engaged in creating new job opportunities and banking has become one of the most sought-after careers in Pakistan.

SBP governor urged banks to focus on agricultural and small and medium enterprises (SMEs) financing for the long-term and higher economic growth. State Bank is focusing on agriculture and SME sector. Banks have disbursed Rs700 billion agricultural loans during the last fiscal year. 

Bajwa said the country’s economy is on the right path after a long gap. Last year, Pakistan achieved 5.3 percent economic growth and this year the growth will be an estimated 6 percent. Previously, economic growth was lower than inflation, but now the growth is higher than inflation, he added.