PM approves National Challenger Bank for remittances

Prime Minister Imran Khan on Tuesday last week principally approved the country’s first National Challenger Bank to facilitate digital transfer of remittances from across the world.

Khan directed his special assistant Zulfiqar Bukhari to formulate policies to facilitate overseas Pakistanis as well as provide health, education and other services to their families living in the country. “Overseas Pakistanis are assets of Pakistan,” the Prime Minister said, addressing a meeting on remittances at the Prime Minister office.

National Challenger Bank is a digital platform to ensure cost-effective and hassle-free remittance transactions in order to discourage illegal means.

State Bank of Pakistan (SBP) Governor Tariq Bajwa said remittances grew 12.5 percent in the first half of the current fiscal year of 2018/19.

Source: The News. Read the full article here