millineums ago, a group of people called "Sumerian" started to provide money after taking somthing as a security.

these loans can be repayed in the form of other then cash products. these people use precious ornaments as currency. at this time a pannel was formed to make a procedure of central banking law of Pakistan. Many specialists said it the cause of shortage of trained personals. any idea for establishment of central bank was definite nad that can be control by the available staff until the sufficient staff available. at last the govt. made a decision to startup the complete central bank which is requirement at that time. among some other reasons which led to this decision, ther is a reason that banking services in whole country has been totally disturbed and there was an urgent requiremnet of cure which can be only be meet by the central authority. The order of formation of state bank has been passed on 12th May 1948 and the bank started its services on July 1, 1948. in the view to expand the structureand system of financial institutions, the cantral bank has introduced special credit giving institutions for development of industriy and agriculture. to fulfill the shortage of trained personnels the central bank sponsored a scheme for banking training which repeated after every year. as commercail banking was started to expand, the new bank National Commercial Bank was formed as a scheduled bank. In 1958 the national credit consultation was formed in the supervision of central bank with sponsorship of govt. and also of private sector. A task of determining the annual credit need of economy within the boundry of annual development plan. National Credit Council and Agriculture Advisory Committee was launched to determine agriculture's need for credit for different purposes. To overview the general exports and for establishment of new plans a standing was formed. Two more financial organizations were formed at that time. the People's Finance Corporation was established to give loans to public for small purpose and National Development Finance Corporation was formed to give loans to industries of public sector.