AGL 6.80 No Change ▼ 0.00 (0%)
ANL 9.40 Increased By ▲ 0.18 (1.95%)
AVN 78.12 Increased By ▲ 3.92 (5.28%)
BOP 5.40 Decreased By ▼ -0.03 (-0.55%)
CNERGY 4.85 Decreased By ▼ -0.04 (-0.82%)
EFERT 78.00 No Change ▼ 0.00 (0%)
EPCL 55.80 Increased By ▲ 1.10 (2.01%)
FCCL 15.19 Increased By ▲ 0.26 (1.74%)
FFL 6.32 Decreased By ▼ -0.02 (-0.32%)
FLYNG 7.10 Decreased By ▼ -0.02 (-0.28%)
GGGL 10.35 Decreased By ▼ -0.21 (-1.99%)
GGL 16.31 Decreased By ▼ -0.12 (-0.73%)
GTECH 8.18 Decreased By ▼ -0.03 (-0.37%)
HUMNL 6.39 Increased By ▲ 0.04 (0.63%)
KEL 2.92 Decreased By ▼ -0.03 (-1.02%)
LOTCHEM 28.95 Increased By ▲ 0.35 (1.22%)
MLCF 27.45 Decreased By ▼ -0.35 (-1.26%)
OGDC 75.20 Decreased By ▼ -0.10 (-0.13%)
PAEL 15.95 Increased By ▲ 0.15 (0.95%)
PIBTL 5.55 Decreased By ▼ -0.05 (-0.89%)
PRL 16.91 Decreased By ▼ -0.31 (-1.8%)
SILK 1.07 Increased By ▲ 0.01 (0.94%)
TELE 10.70 Increased By ▲ 0.40 (3.88%)
TPL 7.97 Decreased By ▼ -0.03 (-0.38%)
TPLP 20.83 Increased By ▲ 0.03 (0.14%)
TREET 23.00 Increased By ▲ 0.40 (1.77%)
TRG 128.70 Decreased By ▼ -0.15 (-0.12%)
UNITY 23.35 Increased By ▲ 0.85 (3.78%)
WAVES 11.54 Decreased By ▼ -0.46 (-3.83%)
WTL 1.11 Decreased By ▼ -0.02 (-1.77%)
BR100 4,113 Increased By 13.3 (0.32%)
BR30 15,595 Increased By 61.9 (0.4%)
KSE100 41,212 Increased By 83 (0.2%)
KSE30 15,410 Increased By 73.2 (0.48%)
Pakistan

SBP, CGA sign MoU for digitizing govt payments through Raast

  • After the pilot run, the facility will be rolled out to cover all the salaries, pension as well as supplier payments of the federal and provincial governments.
Published March 29, 2021
Follow us

KARACHI: The State Bank of Pakistan (SBP) and the Controller General of Accounts Pakistan (CGAP) Monday signed a Memorandum of Understanding for digitizing the federal government payments through RAAST- Pakistan’s First Instant Payment System, launched in January 2021 by SBP.

Raast is a flagship initiative of SBP, which provides simple, fast, low-cost, interoperable and secure electronic payment platform for instant processing of high volume retail payments. It also has the ability to make payments to multiple beneficiaries at a time in order to cater to high volume government payments like salaries, pension and social security payments.

In the pilot phase, the salaries and pensions of a group of the federal government employees will be paid through Raast. The payroll and pension-roll data will be shared from CGA system to SBP’s Raast through a highly secured interface, and payments to the beneficiaries’ accounts will be made instantly after validating the beneficiaries’ detail.

To ensure that payments are only credited in the intended beneficiary’s account, Raast verifies the beneficiaries’ details with their banks on real time basis before crediting the payment in beneficiary’s account.

After the pilot run, the facility will be rolled out to cover all the salaries, pension as well as supplier payments of the federal and provincial governments.

SBP is also working to use the powerful capacities of Raast to include payments of social security nets such as the Ehsas Program, BISP and other government entities.

Comments

Comments are closed.