Unemployed housewives own the third largest share of deposits in Pakistani banks

According to a report by State Bank of Pakistan (SBP), Pakistani housewives and unemployed students own the third largest share of deposits in banks.

housewives

 

  • The recent report by State Bank of Pakistan (SBP) reveals that Pakistani housewives and unemployed students own the third largest share of deposits in banks.
  • Pakistani banks have amounts worth more than Rs. 2 trillion owned by both. 
  • Self-employed account holders own the highest share, followed by the private sector.

According to a recent report by State Bank of Pakistan (SBP), Pakistani housewives and unemployed students own the third largest share of deposits in Pakistani banks. Self-employed account holders own the highest share, followed by the private sector.

The mentioned SBP report revealed that overall deposits maintained by all commercial banks in their accounts are around Rs. 13 trillion. Among them, self-employed account holders maintain the highest deposits and own the largest share of Rs. 2.85 trillion. It is followed by the private sector, dominantly companies, owning a share of Rs. 2.79 trillion.

Surprisingly, housewives and unemployed students own the third largest share:

Interestingly enough, the report reveals that the third largest segment of customers in the overall banking sector is formed by housewives and students. They both collectively own a share of Rs 2 trillion.

The deposits owned by housewives and students are more than the deposits of the federal and provincial government. They own Rs. 1.95 trillion in different banks. Even the deposits owned by the manufacturing and agriculture sectors stood at just Rs. 782 billion and Rs. 216 billion respectively.

 


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But where does the money come from? The question is that where does the money come when neither housewives nor unemployed students have any defined source of income? A senior banker says it is only an escape from taxes.

The reality is these bank accounts are opened in the name of housewives and students by their husbands and parents, simply for the purpose of concealing their bank balance from tax authorities, he said.

He added that businessmen, retailers, and wholesalers also maintain bank accounts with names of their spouses and children to evade tax. He said that while it is a common practice, the new rules are slightly making it hard for such accounts to operate.

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