And in this moment of popular opposition, banks have come under fire for reckless lending, exorbitant payouts to CEOs and for availing massive taxpayer-funded bailouts. But are banks in Pakistan also exhibiting symptoms of similar financial malaise caused by extensive liberalisation, as are their counterparts in the West? A brief look at the history of banking in Pakistan reveals that the banking sector has made impressive achievements but still has a long way to go.
Ganges Plain[ edit ] After BCE, some Vedic tribes began migrating to the Ganges Plainpresent-day India, which was characterized by increasing settled agriculture, a hierarchy of four social classesand the emergence of monarchical, state-level polities. These several tribes and principalities fought against one another to such an extent that the Indus Valley no longer had one powerful Vedic tribal kingdom to defend against outsiders and to wield the warring tribes into one organized kingdom.
The area was wealthy and fertile, yet infighting led misery and despair. King Pushkarasakti of Gandhara was engaged in power struggles against his local rivals and as such the Khyber Pass remained poorly defended. King Darius I of the Achaemenid Empire took advantage of the opportunity and planned for an invasion.
The Indus Valley was fabled in Persia for its gold and fertile soil and conquering it had been a major objective of his predecessor Cyrus The Great. However, he is known to have campaigned beyond Makran in the regions of KalatKhuzdar and Panjgur and lost most of his army in the Gedrosian Desert speculated today as the Kharan Desert.
Under Persian rule, a system of centralized administration, with a bureaucratic system, was introduced into the Indus Valley for the first time. Provinces or "satrapy" were established with provincial capitals: Gandhara satrapy, established BC with its capital at Pushkalavati Charsadda.
Gandhara Satrapy was established in the general region of the old Gandhara grave culture, in what is today Khyber Pakhtunkhwa. During Achaemenid rule, the Kharosthi alphabet, derived from the one used for Aramaic the official language of Achaemenidsdeveloped here and remained the national script of Gandhara until AD.
Hindush satrapy, established in BC with its capital at Taxila. The satrapy was established in upper Punjab presumably in the Potohar plateau region. Arachosia satrapy, established in BC with its capital at Kandahar.
Arachosia was one of the larger provinces covering much of lower Punjab, southern Khyber Pakhtunkhwa of modern-day Pakistan and Helmand province of what is today Afghanistan. Sattagydia satrapy, established in BC in what is today Sindh. Sattagydia is mentioned for the first time in the Behistun inscription of Darius the Great as one of the provinces in revolt while the king was in Babylon.
The revolt was presumably suppressed in BC. The satrapy disappears from sources after BC, possibly being mentioned by another name or included with other regions. It had been conquered much earlier by Cyrus The Great. What is known about the easternmost satraps and borderlands of the Achaemenid Empire is alluded to in the Darius inscriptions and from Greek sources such as the Histories of Herodotus and the later Alexander Chronicles Arrian, Strabo et al.
These sources list three Indus Valley tributaries or conquered territories that were subordinated to the Persian Empire and made to pay tributes to the Persian Kings: Gandhara, Sattagydia and Hindush.
Ror Dynasty The Ror dynasty Sindhi: The remaining satraps lay in the Indus Valley, but Alexander ruled off invading the Indus until his forces were in complete control of the newly acquired satraps. In BC, Alexander married Roxana a princess of the former Bactria satrapy to cement his relations with his new territories.
Now firmly under Macedonian rule, Alexander was free to turn his attention to the Indus Valley. The rationale for the Indus campaign is usually said to be Alexander's desire to conquer the entire known world, which the Greeks thought ended around the vicinity of the River Indus.
In the winter of BC, Alexander invited all the chieftains in the remaining five Achaemenid satraps to submit to his authority. Ambhithen ruler of Taxila in the former Hindush satrapy complied, but the remaining tribes and clans in the former satraps of Gandhara, Arachosia, Sattagydia and Gedrosia rejected Alexander's offer.
By spring of BC, Alexander began on his Indus expedition from Bactira, leaving behind horses and 10, soldiers. He divided his army into two groups. The larger force would enter the Indus Valley through the Khyber passjust as Darius had done years earlier, while a smaller force under the personal command of Alexander entered through a northern route, possibly through Broghol or Dorah Pass near Chitral.
Alexander was commanding a group of shield-bearing guards, foot-companions, archers, Agrianians, and horse-javelin-men and led them against the tribes of the former Gandhara satrapy. The first tribe they encountered were the Aspasioi tribe of the Kunar Valleywho initiated a fierce battle against Alexander, in which he himself was wounded in the shoulder by a dart.
However, the Aspasioi eventually lost and 40, people were enslaved. The Assakenoi fought bravely and offered stubborn resistance to Alexander and his army in the cities of Ora, Bazira Barikot and Massaga.
So enraged was Alexander about the resistance put up by the Assakenoi that he killed the entire population of Massaga and reduced its buildings to rubble — similar slaughters followed in Ora. The stories of these slaughters reached numerous Assakenians, who began fleeing to Aornos, a hill-fort located between Shangla and Kohistan.
Alexander followed close behind their heels and besieged the strategic hill-fort, eventually capturing and destroying the fort and killing everyone inside.
The remaining smaller tribes either surrendered or like the Astanenoi tribe of Pushkalavati Charsadda were quickly neutralized where 38, soldiers andoxen were captured by Alexander.BRIEF HISTORY Prior to partition in , banking in Pakistan was dominated by branches of British banks.
The State Bank of Pakistan, the central bank, was formed after partition in It assumed the supervisory and monetary policy powers of the State Bank of India.5/5(17). Search the world's information, including webpages, images, videos and more.
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At the time of partition, the total number of commercial banks was 38, out of these: the Pakistan banks were 2; Indian banks 29 while the exchange & the total deposits of Pakistan banks stood at Rs. million whereas the advances were Rs.
million. Literacy rate: 53%: Government: Parliamentary form: Parliament: Parliament consists of two Houses i.e., the Senate (Upper House) and the National Assembly (Lower House).
The Senate is a permanent legislative body and symbolises a process of continuity in the national affairs. Literacy rate: 53%: Government: Parliamentary form: Parliament: Parliament consists of two Houses i.e., the Senate (Upper House) and the National Assembly (Lower House).
The Senate is a permanent legislative body and symbolises a process of continuity in the national affairs. Pakistan has made significant progress in regaining macroeconomic stability over the past three years. Pakistan has achieved macroeconomic stability in the past three years: the fiscal deficit has shrunk from 8 percent to below 5 percent, international reserves have tripled to over $18b, and the rate of growth has increased by a full percentage point to percent.