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Yes this is absolutely true. Reserve Bank of India provided their monetary services to State of Pakistan between August 1947 till Sep 1948.The partition process of British India was too complex with lot of uncertainty. At that time it was uphill task to set foundation of monetary bank in Pakistan instantly after independence. It was agreed that Reserve Bank of India will be working as State Bank in both India and Pakistan. State Bank of Pakistan also acknowledged the professional services of Reserve Bank of India at their official website in these words.At the time of partition of India and Pakistan in 1947 the Reserve Bank of India was functioning as Central Bank of the undivided India. As it was not possible to set up a separate Central Banking Institution in Pakistan immediately after partition, emergency arrangements were put into place for the circulation of currency in Pakistan.The Governor General of undivided India issued the 'Pakistan (Monetary System and Reserve Bank) Order, 1947' on 14th August 1947. Under this order, the Reserve Bank of India was to be common authority for India and Pakistan until 30th September 1948.These are images of some notes which were printed by Reserve Bank of India for Government of Pakistan till Sep 1948. The currency note had an acknowledgement from both state of India and Pakistan. By looking at these currency notes, I do have a feeling these notes were also applicable in India as well.1 Rupee Currency Note2 Rupee Pakistani Currency Note:5 Rupee Pakistani Currency Note:10 Rupee Pakistani Currency Note:This is definitely exciting prospect and indicates that both countries has potential to work with each other. This must be remembered that both India and Pakistan went on war with each other over Kashmir issues in Oct 1947 but states did cooperated with each other on numerous front. This example tells us that Reserve Bank of India remained very professional during Indo-Pak conflict between 1947–48.Love & Regards~MAKCredits & References:SBP MUSEUM & ART GALLERYCurrency Note images were taken from Google Images

Please see below for a few of my favorite economic indicators.Goldman Sachs Financial Conditions Index (GS FCI) (an aggregated measure of borrowing cost, equity wealth effect, dollar valuation, etc). Tighter financial conditions today constraint future economic growth, and easier financial conditions fuel future borrowing (consumption and investment) and boosts exports.FCI has many useful applicationsInflation - the core central bank policy objective shared by many global central banksPCE and Core PCE vs. Core CPI and OERFederal Reserve balance sheet, Bank excess reserves, and monetary base are useful gauges in effects of central bank policiesU.S. wage growth (or as the FED would put it, labor compensation):There are many more, but they are usually better covered by financial reporters (for example, the Payrolls data, ISM Manufacturing and Non-manufacturing indices, Industrial Production, Housing Starts...)

So that more and more money stays in the bank!What's the real use of an ATM?It enables us to withdraw money anytime, anywhere. If some of us talk to our dads or granddads, you would come to know of a time when people used to keep large chunks of money at home, so that they would not have to go running to the bank everytime they needed a substantial amount of cash immediately. Now that we have ATM's people keep much smaller amounts of money (only as much ir required for daily or maybe weekly chores) at home because its not logical to do so (1. Security 2. Money in the bank, earns interest). They can withdraw money from an ATM which are (usually) situated at every few hundred meters.Banks on the other hand are credit creators. Lending is the most profitable business for any bank. So, the greater amounts of cash they have in the vault the greater they can lend and hence make greater profits. You might say that a middle class person's saving account shouldn't really make a huge difference to the amount of money that a bank can lend. Well, it does!In fact for every penny that lies in the bank they can potentially lend up to 1/RRR times of that amount (RRR is the Required Reserve Ratio in the applicable country, stipulated by the central bank, which is usually around 4-5%) or if we use 4% as a reasonable approximate of the RRR, banks can potentially lend 25 pennies for each penny that they have. This is the wonder called Fractional Reserve Banking, the banking system followed worldwide.See- Fractional reserve bankingThis is in addition to other reasons such as those already listed here.