Ans: Nationalization of banks and insurance companies:
The big capitalist families had their own banks and insurance companies
which were encouraging the capitalist system. The government was not gaining any
considerable profit from these units. For the economic stability of the country all the
insurance companies were nationalized and merged under the control of Stare Life
Corporation on 19th March 1972.
All the scheduled banks were also taken over by the government of Pakistan
on 1st January, 1974. Nationalization of banks and insurance companies proved
very fruitful for the economic stability and prosperity of people of Pakistan. The profit
gained was spent for the betterment of the public.