The International Monetary Fund (IMF) has issued a ‘Financial Access Survey Report,’ covering 189 countries of the world with regard to access of financial services to the people. With regard to Pakistan, the survey report says that Pakistan has to go a long way to expand the area of financial services in the country and calls for speeding up the process of financial services expansion to facilitate the people of remote and backward areas where benefits of banking services have not yet reached. The report also says that a major expansion of financial services has been seen in Pakistan for the last 10 years, but still a big portion of the population is deprived of the financial services benefits. According to survey, the number of banks for adult population was 46.7 until 2004. However, the number has increased to 33.9 in 2013. It has been noted that India and Bangladesh are far ahead of Pakistan with regard to the number of bank branches and financial services. In India, the number of banks available for 100,000 population is 16.12 and in Bangladesh 19.8. In Pakistan, out of 1000, at least 316 individuals have deposit accounts in commercial banks whereas this number is pretty high in India. Out of 1000, at least 28 individuals have opened loans accounts in Pakistan whereas this number is 147 in India. At least 49.6 percent population in Pakistan uses ATM.
The banking system is the modern phenomena of the state and individual to save and invest money and almost every country in the world has banking services to help the individuals and support trade and industrial activities. No country in the world can afford to maintain its economy without a strong banking system. Despite centuries of the establishment of banking system in Pakistan, it lags behind many developing countries with regard to services and facilitation. It is good omen that banks now open until 5pm evening otherwise banks used to stop public services at 1.30pm, stopping the flow of cash in the commercial districts.
Pakistan is a Muslim country and needs to introduce such schemes where chances of exploitations are minimal. So far, specific classes are reaping the benefits of the banking system and government schemes whereas banks are still a foreign land for a majority of the people in Pakistan. Common people in Pakistan want to invest their savings, but they cannot trust individuals or the private financial institutions. The common people lost billions of rupees by fake financial institutions in the past. In the absence of any practical investment scheme, they have to deposit their money with the people like Double Shah.