The State Bank of Pakistan (SBP) has issued unified QR code standards to accelerate the digitization of code-based retail payments in Pakistan. As per the press release; “With the issuance of a single countrywide QR code standard Pakistan joins the list of countries who have taken similar steps to promote low-cost digitization of payment services, […]
The State Bank of Pakistan (SBP) released its quarterly report which depicts that e-banking — which includes digital payments/transactions (Real-time Online Branches, ATMs, mobile banking, internet banking, call center banking, POS and e-commerce) — continued to thrive in both volume and value during the quarter under review as it jumped by 12 percent and 16percent, […]
State Bank enables Person-to-person transactions in payment system Raast that will provide an easy and hassle-free digital fund transfer service to customers. The governor of the state bank stated; “Our launch of Raast P2P is part of our broader strategy of promoting digitization in Pakistan. Other key steps include our recently-announced licensing framework for digital […]
To cope with the extraordinary situation of lockdowns amid the Covid-19 Pandemic in 2020, SBP advised banks and other service providers in March 2020 to offer free-of-cost Inter Bank Fund Transfer (IBFT) services to all their customers regardless of the size of the transaction (https://www.sbp.org.pk/press/2020/Pr-18-Mar-20.pdf). The objective was to facilitate bank customers to meet their […]
The State Bank of Pakistan (SBP) has decided not to issue new banknotes on Eid-ul-Fitr this year as well, due to the country’s current Coronavirus situation. “Like last year, the SBP will not issue new banknotes on the occasion of Eid due to the ongoing COVID-19 pandemic,” the central bank said in a statement on […]
The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) have amended the Terms of Reference (ToRs) of their Joint Task Force (JTF) on Financial Conglomerates to further strengthen the supervisory cooperation, inter alia, in AML/CFT/CPF supervision at financial group level. Dr, Reza Baqir, Governor, SBP, and Mr Aamir Khan, […]
SBP State Bank of Pakistan has asked all banks to implement the End-to-End Digitalization Drive to make Business related matters efficient. This initiative is designed to incorporate in digital platforms making it easier for businesses in Pakistan. This will help in enhancing operational efficiency, and making the processing of Foreign Exchange (FX) related cases cost-effective and […]
The Honorable Prime Minister of Pakistan, Mr. Imran Khan, launched the completion of the first phase of Pakistan’s Instant Payment System, Raast, in a ceremony held in Islamabad today and hosted by the State Bank of Pakistan (SBP). Raast is an initiative of SBP under which it has developed Pakistan’s first instant paymentsystem in collaboration […]
The State Bank of Pakistan (SBP) organized the third nationwide Stakeholders’ meeting on Digital Financial Services today chaired by Governor SBP, Dr. Reza Baqir. The goal of these meetings has been to accelerate the agenda on promoting digital financial services and payments in Pakistan. The meeting was attended by the Country Director World Bank; Secretary […]
The State Bank of Pakistan released its First Quarterly Report on The State of Pakistan’s Economy for the fiscal year 2020-21 today covering the period July – September, 2020. The report finds that there were encouraging indications during Q1-FY21 that Pakistan’s economy was regaining its pre-Covid trajectory. The recovery in economic activities was evident across […]