Feb 15, 2022: PM Imran Khan on Tuesday launched Pakistan’s first instant person to person digital payment system, developed by the State Bank of Pakistan.
Addressing a function in Islamabad, the Prime Minister said that the country’s population could be made a real asset by incorporating it into the formal economy through the process of digitization. The Prime Minister said that the new technology would also help in improving the ratio of savings to GDP through taxes and savings rates.
According to PM Imran Khan, the Federal Board of Revenue (FBR) will also use new technology to track down those who are not paying taxes regardless of their lavish lifestyle. He reiterated his commitment to lift the people out of poverty. The Prime Minister also directed the head of the central bank to set up a special cell to provide more facilities to Pakistanis abroad, calling them “our greatest asset”.
In his remarks, Finance Minister Shaukat Tareen described the direct instant payment system as “a revolution in digital banking that will boost e-commerce and IT-related exports”. Tareen said the prime minister would soon announce new measures to help the lower middle and salaried class affected by inflation.
Highlighting the key features of Rast, SBP Governor Raza Baqir said that the new technology would be completely free and the banks would not charge any fee for it. He asked people to make full use of the system for their payments.
The SBP governor pointed out that e-banking transactions worth $500 billion were made last year, an increase of 30%. Pointing out the future plans of the Central Bank, Raza Baqir said that five licenses would be issued for the establishment of digital banks and added that with the help of SBP, NADRA, the process of opening bank accounts remotely has started.
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