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Friday, July 17, 2009

The National Bank Of Pakistan Golden Jubilee. (1999-15)

The National Bank of Pakistan was established under the National Bank of Pakistan Ordinance XIX of 1949.
Through its sizeable participation in the equity of the Bank, adequate representation on the Board of Directors, and responsibility for the appointment of the chief executive, the Government has always been closely associated with the formulation of policies and the direction of the affairs of the Bank.
Due to this close association, efforts have at all times been directed and resources mobilise to best serve the economic objective and social needs of the country. The Bank has over the years acquired specialised knowledge and experience of the working and financial requirement of both the public and private sectors.
National Bank of Pakistan plays a unique role in the financial sector of Pakistan. In terms of stature and public perception no other institution is comparable to it. This unique role confers on the institution a dual responsibility - to be a commercial bank in its own right; and at the same time, as a trustee of public finances, to act as a custodian of the public interest.
Through the years the Bank has moved forward with great vigour recording unparalleled progress and making an ever-increasing contribution to the economic development of the country.
The bank through a wide network of 1445 domestic and 23 overseas branches has been extending short, medium as well as long term credit facilities to private and public sectors of the economy, covering industrial commercial, agricultural activities besides financing imports and exports, implementing special credit schemes like small finance for agriculture, business, industries, Qarz-e-Hasana to students, housing finance, self employment scheme for unemployed persons, public transport scheme.
By rendering active help, it has assisted the government in its endeavours towards greater investment and flow of funds to priority sectors and provision of services whenever required, like Haj services, collection of utility bills, paying of pension to central and provincial government pensioners, as well as civilian military pensioners and retired army personnel.
The Bank also collects the railway earnings from railway stations and booking agencies all over Pakistan. It is also widely appreciated that National Bank of Pakistan has always tried to serve national aims.
It has made tremendous contribution to the development of small and medium sized entrepreneurs who could not get service from private banking. Many have flourished because NBP patronized them.
In the early 1960s, the Bank introduced Peoples Credit Scheme, under which it encouraged small borrowers to avail loans upto a maximum of 50,000 on easy terms to enable them to set up and operate small industries and commercial establishments.
During this period the Bank was regularly extending School and Factory Banking schemes in the very premises of schools and factories in order to inculcate savings habit among a larger segment. The Bank also had in the 1 960s Rural Mobile Banking Scheme, so that people living in rural areas could open their accounts with these mobile units.
It was in 1972 that National Bank of Pakistan evolved Supervised Agricultural credit Programme, which brought practical and comprehensive banking service to the doorstep of the Pakistani farmer. Later the other Pakistani commercial banks also adopted the scheme. In the late 1970s after the successful implementation of the supervised rural Credit. Programme, the Bank launched a similar scheme to provide assistance. to self-employed engineers, technicians and mistries.
The scheme was called Supervised Credit for Technology. Under this scheme, credit, in the form of medium term development loan as well as a regular revolving overdraft facility was available to individuals/institutions engaged in advancement adoption of technology in various sectors of the country\'s economy.
From 1985, the Bank has been disbursing Qarz-e-Hasana Loans on compassionate grounds, free of interest or service charge, in line with the non-interest modes of financing approved by the State Bank to deserving students who wish to pursue their studies, but lack the resources.
NBP has always in corporate the economic reforms introduced by the Government from time to time . It is playing a major role in the Self Employment Scheme, aimed at providing self employment through income generating business activities. As part of the Computer Literacy Programme, NBP has set up Computer Centers at selected cities, which are catering to the demand for high still education in areas where it is traditionally not available.
It has also contributed large resources to different hospitals, to play its due part in the development of the health sector. In the area of sports also, NBP has over the year sponsored sporting events, will be undertaking construction of a sports complex at Karachi, among its other activities.
In short, National Bank of Pakistan has since its inception played a pronounced role in the socio- economic development of the country.
To commemorate the Golden Jubilee Celebrations of National Bank of Pakistan, Pakistan Post Office is issuing one commemorative postage stamp of Rs 5 denomination on November 8,1999.