Pakistan Post plans to start banking services. Here’s what we know so far

A plan has been put forward by the Pakistan Post Office Department (PPOD) to initiate banking services.

The PPOD would be able to work on this development by entering into joint ventures with established banks.

This plan was put forward by the Minister of Finance, Shaukat Tarin, in a cabinet meeting.

During the discussion, the finance minister disclosed that the PPOD had expanded its national reach by opening more than 14,000 branches across the country.

Meanwhile, Tarin explained that the established scheduled banks in Pakistan catered to only 33% of the population. Therefore, the national savings rate was relatively low as compared to other regional countries.

Considering this, the PPOD can increase the national savings rate with its nationwide outreach.

The finance minister suggested to the cabinet that the PPOD should enter into joint ventures with established banks. Tarin added that he would discuss the matter of the PPOD launching banking services with the Federal Minister for Communications, Murad Saeed, to finalize modalities in this regard.

Meanwhile, the Communications Division informed the cabinet that the federal and provincial governments had been assigning various tasks to Pakistan Post as their agent due to its national outreach.

As per the rules of the Rules of Business, some of Pakistan Post’s functions included Savings Bank and Postal Life Insurance.

The PPOD’s role also included agency functions on behalf of other departments, such as military pensions and other financial, remittance, and insurance services.

Read more about banking from Siasat.pk:

• Pakistan’s Islamic Banking Industry Reaches New Heights By Witnessing 30% Growth
• Eight Banks Receive Penalties Worth ₨. 500 Million From State Bank of Pakistan
• Which Bank Is The Best For Opening Roshan Digital Accounts For Overseas Pakistanis?

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