KARACHI: The province-wise position of bank deposits showed that Punjab is the richest province, followed by Sindh while other provinces and regions are far behind the leading two.
The latest Statistical Bulletin issued by the State Bank showed that the total bank deposit base of Pakistan is Rs9.153 trillion.
Punjab’s share of Rs4.035tr makes up 44 per cent of the total. The province has the largest rural deposit base of Rs487bn, which is the highest as compared to other provinces.
Sindh, being second to Punjab in terms of deposits, has a share of Rs2.997tr that adds up to 32.7pc. The rural deposits in Sindh stood at Rs121bn.
Khyber Pakhtunkhwa deposit base stood at Rs675bn and it has a share of 7.3pc in total deposits. Balochistan’s deposit base of Rs203bn limits its share in total deposit to 2.2pc.
Islamabad has better deposit base than KP, Balochistan and AJK. The share of the federal capital is 10.2pc in overall deposits. Its deposit size is about Rs939bn.
However, Azad Jammu and Kashmir’s deposit base stood at Rs248bn, having share of 2.7pc in overall deposits.
Bankers say the deposits do not reflect the exact situation as in many backward areas people prefer keeping cash at home. Besides the banking coverage poses accessibility issues for people in far-flung areas.
The State Bank has been campaigning for maximum inclusion of people into the banking system, but banks do not appear to be eager.
Banks have been earning well on investments in government papers with no pressure of competition to evolve and innovate.