The State Bank of Pakistan (SBP) announced the fruitful linking of the Central Directorate of National Savings (CDNS) with the Raast payment system. Due to the successful integration of CDNS with RAAST people will be able to receive the payments in their bank accounts in a fast, free, and secure way.
The integration of CDNS with RAAST to digitize the payment system
The SBP said in a statement; “The customers of CDNS can receive their payments directly into their bank accounts without going to branches. This will make life easier for those interested in saving schemes.” It further added; “CDNS is the first Government entity on-boarded on #Raast, the integration of CDNS with RAAST will greatly extend SBP’s efforts to digitize payments in Pakistan.”
1/3 #SBP is pleased to announce the successful integration of Central Directorate of National Savings (CDNS) with #Raast. Now customers of CDNS can receive their payments directly into their bank accounts without going to branches. pic.twitter.com/S7BUT2zUDk
— SBP (@StateBank_Pak) May 22, 2022
Raast is Pakistan’s first instant payment system that will enable end-to-end digital payments among individuals, businesses, and government entities. Till now, over 10 million customers have registered with ‘Raast’ to use its instant payment system, as acknowledged by SBP in a tweet; “Another milestone achieved by SBP in the journey of digitization, as the number of Raast IDs registration crosses 10 million mark since its launch.”
SBP withdraws transaction limit for RAAST
In order to facilitate the users of Raast services, the State Bank of Pakistan has recently withdrawn the transaction limit of payments made through the Raast Person-to-Person (P2P) Payment System. Circular No. 02 issued on March 15, 2022, stated that to further facilitate users of Raast services it has been decided that, effective from April 1, 2022, there will be no transactional limits on the Raast system by SBP.