ISLAMABAD: The Deputy Governor of the State Bank of Pakistan, Dr Inayat Hussain, Wednesday said the SBP is simplifying form for account opening for merchant accounts, as consumers should be incentivised for using digital payment platforms like QR code systems.
A meeting of the Senate Standing Committee on Finance and Revenue was held Wednesday here at the Parliament House under the chairmanship of Senator Saleem Mandviwalla.
The Deputy Governor of the State Bank of Pakistan, Dr Inayat Hussain, acknowledged the committee’s concerns, citing ongoing efforts with organizations like Karandaaz to promote digital payment solutions. The committee set a firm deadline for the establishment of a robust digital payment system before June 30, 2025.
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He said that the SBP and Pakistan Banks Association are collectively working on simplification of systems for taking merchants on board fordigital payment system. In this regard, a simple format has been developed for forms. From 16 pages, 2-3 pages simplified form has been developed.
The committee also discussed the ongoing efforts by the State Bank of Pakistan (SBP) to promote local currency-based payments and reduce dependency on international payment platforms such as Visa and MasterCard. A representative from the SBP briefed the committee on initiatives like “Raast”, Pakistan’s instant payment system launched in 2021, and “PayPak”, the country’s domestic payment card scheme.
The committee reiterated the importance of increasing the adoption of local payment systems to bolster economic sovereignty.
To a query, the Deputy Governor SBP stated that there are 49 million debt cards issued in Pakistan. Out of this, 11.4 million are on “PayPak”.
The committee also took up the issue of Pakistan’s lagging digital payment systems. Despite the global success of digital payment platforms, including QR code systems, Pakistan remains behind in adopting such technologies. The committee expressed concern over the lack of a national digital payment infrastructure.
Chairman Mandviwallaemphasised, “The digital payment system is working successfully worldwide, and we must make progress in this area as well.” Senate Standing Committee on Finance and Revenue, Wednesday, unanimously approved the amendment to the bill, aimed at providing clearer guidelines for the operation and governance of state-owned enterprises (SOEs).
The committee took up the private member bill titled, the State-Owned Enterprises (Governance and Operation) (Amendment) Bill, 2024, presented by Senator AnushaRehman Ahmed Khan during the Senate sitting of 4th November 2024.
After discussion, the committee, unanimously, approved the amendment to the bill, aimed at providing clearer guidelines for the operation and governance of state-owned enterprises (SOEs).
The key debate centered around Section 3(1) of the SOE Act 2023, which specifies that the Act applies to all public sector companies (PSCs) and other corporate bodies controlled by the federal government. It was noted that the Act does not apply to entities where the federal government’s shareholding falls below 51 per cent following privatisation.
While the Ministry of Finance argued that the existing clause was sufficient to address concerns regarding the privatisation of PSCs, Senator Anusha Rehman emphasized the need for clarity on the definition of state-owned enterprises, especially in cases where privatised entities continue to face legal ambiguity regarding their status. “As lawmakers, we should make laws that evolve with changing times to benefit the public at large,” Senator Farooq H Naek stated. The committee agreed, passing the bill with full consensus.
In another matter, the committee reviewed the progress on Starred Question No 39, raised by Senator Abdul Shakoor during the Senate session of 1st November 2024, concerning the recruitment of employees in the ZTBL over the last decade. The issue, primarily focused on the use of fake domiciles to bypass the Balochistan quota system, raised concerns among committee members, including senators Farooq H Naik and Manzoor Ahmed Kakar.
Senator Abdul Shakoor remarked, “There are 169 employees from Balochistan whose domiciles must be thoroughly verified,” while Senator Kakar highlighted the prevalence of fake domicile holders being recruited on the Balochistan quota. The committee directed the ZTBL to get inquired from Federal Investigation Agency (FIA) to verify the domiciles within 30 days and complete the investigation promptly.
The meeting was attended by senators Farooq H Naik, Anusha Rehman Ahmed Khan, Faisal Vawda, Manzoor Ahmed Kakar, and Abdul Shakoor, alongside senior officials from the Ministry of Finance, State Bank of Pakistan, and relevant department.
Copyright Business Recorder, 2025
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