LAHORE: The State Bank of Pakistan (SBP) and the Punjab Finance Department on Monday signed memorandum of understanding (MoU) to launch Raast on e-Pay Punjab, a mobile application developed by Punjab Information Technology Board (PITB).

Punjab Finance Department’s Special Secretary Muhammad Ali Randhawa and SBP Finance Director Qader Baksh signed the MoU in the presence of Punjab Finance Minister Muhammad Mohsin Leghari.

The parties have agreed to use Raast Payment Gateway, enabling the Punjab government to send the payments using the electronic fund transfers mode. Under the new arrangement, the Punjab government will disburse payments, including vendor payments, wheat procurement payments, subsidies, salaries, pensions, and PSPA grants, digitally to citizens and businesses directly in their accounts. This will put an end to the old and cumbersome system of making payments through treasury cheques.

On the occasion, the Punjab Finance Minister applauded the PITB for devising initiatives to make lives of people easier. PITB IT-Ops Director General Faisal Yousaf briefed the audience about the IT interventions rolled out by PITB, including e-Pay Punjab, and apprised as to how these technologies were re providing user-friendly services to the citizens.

Director Finance Qader Baksh assured of cooperation with all the parties to extend the services of Raast Payment Gateway to the Punjab government.

Copyright Business Recorder, 2022