SBP and Punjab Finance Department sign MoU to launch Raast on e-Pay Punjab – Business & Finance

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

Special Secretary of Punjab Finance Department 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, allowing the Punjab government to send payments using the Electronic Funds Transfer mode. Under the new agreement, the Punjab government will disburse payments, including supplier payments, wheat supply payments, subsidies, salaries, pensions and PSPA subsidies, digitally to citizens and companies directly in their accounts. This will put an end to the old and cumbersome system of Treasury check payments.

On occasion, the Finance Minister of Punjab has applauded the PITB for crafting initiatives to make people’s lives easier. PITB IT-Ops Managing Director, Faisal Yousaf briefed the audience on the IT interventions deployed by PITB including e-Pay Punjab and explained how these technologies provide user-friendly services to citizens.

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

Copyright Business Recorder, 2022