PM-formed body mulls digital account

PM-formed body mulls digital account offering for overseas Pakistanis

F.P. Report

ISLAMABAD: The PM-formed Think Tank in it’s meeting during Eid holidays deliberated upon digital account offering for overseas Pakistanis.

The meeting of the Think Tank was chaired by the Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh, according to press statement issued by Finance Ministry here.

All other members of the high-level group also participated in the meeting while Governor State Bank of Pakistan joined the proceedings on special invitation During the meeting, the work done by Finance and Banking Committee remained under primary focus apart from the feedback from Committee on Social Safety Nets. Sultan Ali Allana presented the joint work of committee on Banks and Financial Institutions to improve liquidity and credit for individuals and businesses, the statement added.

The emphasis remained on Digital Account Offering for overseas Pakistanis, with reference to its objectives, key processes, product features as well as key regulatory and administrative challenges.

Shoukat Tarin and Sultan Ali Allana jointly shared other proposals too, including suggestions on enhancement of temporary relief  facilities, expanding lending to SMEs and enabling demand growth through expanding consumer lending and encouraging housing finance. Advisor Commerce and Dr. Ishrat Husain sensitized about the need for due diligence with reference to potentially adverse effects of the new scheme on existing remittances/ products, FATF concerns and harmonization of all initiatives aimed at promotion of digital economy.  The experience of Pakistan Banao Certificate needs to be kept as benchmark to plug potential loopholes while offering new product.

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