Islamabad:
The State Bank of Pakistan (SBP) has announced that by June 2026, all payments of the federal and provincial government will be completely digitized.
At present, two banks in the country have already launched digital banking services and the number of digital merchants is expected to increase two million in a year.
These details came to light during a meeting of the National Finance Committee of the Assembly, held on Thursday at the House of Parliament under the presidency of Mna Syed Naveed Qamar. The Committee also reviewed the Corporate Social Responsibility Law (CSR).
In informing the committee, Vice Governor SBP said the Central Bank is taking measures to promote digital payments. He said that in December 2026, all government payments, including those of state companies (SOE), will be completely digitized.
At present, two banks have begun to offer digital banking services. The Minister of State for Finance, Bilal Azhar Kayani, added that Mashreq Bank had launched digital banking in record time, using 400 staff members deployed in 19 cities, while services would be available throughout the country.
The SBP official also informed the committee that there are currently more than 5,000 digital merchants in the country. A committee established by Prime Minister Shehbaz Sharif has established a goal to increase this figure to two million in a year, with the aim of promoting digital transactions throughout Pakistan.
Digital payments for consumers are free, while transfers of interbank funds incur a rate only for transactions greater than RS25,000; However, payments through Rast are still free.
He pointed out that the Government is directly financing to the commercial payment schemes of RS3.5 billion, and that the accounts can now be opened digitally 24 hours a day, 7 days a week.
The session also examined the CSR bill. President Naveed Qamar pointed out that the committee is looking for a midpoint on the matter. The president of the Pakistan Stock Exchange and Securities Commission (SECP) informed the committee that of 447 companies, 315 participated in CSR activities in 2024.
Around 116 companies spent RS22 billion on CSR, 199 companies could not provide details of their CSR expenses, and 100 companies did not spend anything in the CSR.
He clarified that CSR is not mandatory. However, once the bill is approved, companies may reveal the expenses of the CSR, with sanctions of up to RS1 billion for non -dissemination.
PPP legislator Hina Rabbani Khar expressed concern that petroleum refineries in muzaffarrh are contaminating the area, while CSR funds are being spent in the capital.
