The Government of Sindh has a plan to open at least 50 branches of the newly established Sindh Bank after receiving a green signal from the State Bank of Pakistan. “By the end of June it is hoped that 50 branches would be opened,” Sindh Chief Minister Qaim Ali Shah told Sindh Assembly on Thursday while unveiling his government’s three years’ performance. According to the chief minister, the central bank had recently approved the opening of at least 45 branches of the provincial bank allowing it to expand its banking services across the country.
The major focus of the bank, the chief minister said, would remain on financing the agricultural and small and medium enterprises (SMEs) sectors given the backbreaking economic damages caused by devastating floods last year. The chief minister told the provincial legislature that Sindh was worst hit by the calamity inflicting huge economic losses of Rs 464 billion. While the Asian Development Bank and the World Bank had calculated the province’s losses, affecting mostly the agriculture infrastructure, at Rs 361 billion.
“Sindh’s losses accounted for 45 percent of the losses from the floods caused across the country,” the chief minister said. “The State Bank has recently allowed (the) opening (of) 45 banks branches which would help us in expanding modern banking services especially in SME and agriculture sector,” he added. Qaim said initially the branch network of Sindh Bank would be expanded on the provincial level that would gradually spread across the country.