Federal Bank for Cooperatives
The Federal Bank for Cooperatives (FBC) was a specialized financial institution in Pakistan that catered to the needs of housing and agricultural cooperatives. Established in 1976, it was one of the oldest banks in the country and played an important role in providing agricultural credit during the early decades after partition.[1]
| Company type | Cooperative Bank |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Punjab Provincial Cooperative Bank Limited |
| Founded | 1976 |
| Defunct | April 2014 |
| Fate | Dissolved |
Area served | Pakistan |
| Products | Agricultural loans, Housing loans |
| Services | Financial services for cooperatives |
History
The concept of cooperative banks was introduced during the British rule, and Punjab Provincial Cooperative Bank Limited (PPCBL), later called FBC, was established under this concept. The bank has faced several challenges over the years, including bureaucratic tangles and restrictions on doing business.[1][2][3]
Legislative changes
In 2018, the legislative body of Pakistan approved two significant pieces of legislation: one that repealed the establishment and regulation of cooperative banking, and another that repealed the bill concerning the corporation responsible for financing house building. The cooperative banking entity, initiated in 2002 following the advice of Pakistan's central banking authority, ceased operations officially in April 2014.[4][5]
References
- Farooq, Mariam Umar (September 3, 2023). "How one of Pakistan's oldest banks cleaned up its act". Profit by Pakistan Today.
- "Establishment of the Federal Bank for Cooperatives and Regulation of cooperative Banking Act, 1977(Repeal by Act XXVi of 2018 s.2)". pakistancode.gov.pk.
- https://senate.gov.pk/uploads/documents/1660556572_288.pdf
- "NA passes bills to repeal FBC, HBFC". www.thenews.com.pk.
- "Reports seeking to repeal Federal Bank & HBFC Acts presented in NA". Brecorder. February 16, 2018.