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MNET Services Private Limited was a Pakistani operator of inter-bank connectivity platform of MCB Bank Ltd (formerly known as Muslim Commercial Bank) for online financial transaction processing and offers a managed services portfolio that includes card personalisation & management, mobile payment services and ATM & POS controller hosting.
Incorporated in 2001, MNET was the first company in Pakistan to provide a secure electronic inter-bank connectivity platform for online financial transactions. [1]
In 2002, SBP circular for the mandatory connectivity of either of the two switches (1LINK or MNET). [2]
In 2004, SBP instructed 1LINK and MNET to interconnect with each other. [3]
The company is now being closed as MCB has now become a member bank of 1LINK.
MNET Services (Private) Limited amalgamated with and into MCB Bank, the effective date of amalgamation is April 30, 2019. [4] [5] [6]
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The State Bank of Pakistan (SBP) 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 nationalised 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 in 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 Branch Office in 16 cities across Pakistan, including the capital Islamabad and the four provincial capitals Lahore, Karachi, Peshawar, Quetta. The State Bank of Pakistan has other fully owned subsidiaries as well: 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. In spite of being the world's fifth-largest population, Pakistan is facing a precarious financial situation with a meagre reserve of less than $3.7 billion in the State Bank. This amount is only sufficient to cover a mere three weeks of imports. The country's industry has been severely impacted by import restrictions and a significant devaluation of the national currency. Consequently, public construction projects have come to a standstill, textile factories are operating partially, and domestic investment has notably decelerated. Pakistan's challenging economic landscape has led to a large portion of its population living in rural poverty. Over the years, the country has engaged in more than two dozen IMF deals, but many of these agreements were eventually broken, adding to the complexity of the situation.
National Bank of Pakistan (NBP) (نیشنل بینک آف پاکستان) is a Pakistani government-owned multinational commercial bank which is a subsidiary of State Bank of Pakistan. It is headquartered in Karachi, Pakistan. As of September 2020, it has 1,511 branches across Pakistan with assets of approximately USD 20.2 billion.
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Interbank networks by region | |||
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