Banks to remain closed on August 14.
The State Bank of Pakistan (SBP) has announced that it will be closed on August 14 (Monday) in observance of Independence Day.
According to a statement, all banks across the country will also remain closed on August 14 in accordance with the SBP.
After the unwavering efforts of Quaid-e-Azam Muhammad Ali Jinnah and Muslims, Pakistan gained independence from India on August 14, 1947.
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Every year, people decorate their vehicles, motorcycles, cars, and motorbikes with green color and Pakistani flags, while residents adorn their houses, bazaars, and markets with flags and lights to express their love for the country on the occasion.
The State Bank of Pakistan is the Central Bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalized and the scope of its functions was considerably enlarged.
The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today.
The headquarters are located in the financial capital of the country Karachi. The bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC), the operational arm of the Central Bank with a Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four provincial capitals.
The State Bank of Pakistan has other fully owned subsidiaries as well: the National Institute of Banking and Finance, the training arm of the bank providing training to Commercial Banks, the Deposit Protection Corporation, and ownership of the Pakistan Security Printing Corporation.
