National savings scheme customers can receive payments through Raast

May 23, 2022 (MLN): The State Bank of Pakistan (SBP) announced the successful integration of the Central Directorate of National Savings (CDNS) with Raast payment system.

Taking to its Twitter handle, the central bank said, “Now customers of CDNS can receive their payments directly into their bank accounts without going to branches.”

Through this integration with Raast, customers receive their payments in bank accounts in a free, fast and secure way. This will make life easier for those interested in saving schemes, it cited.

CDNS is the first government entity on-boarded on Raast that will greatly extend SBP’s efforts to digitize payments in Pakistan, it added.

Raast, a flagship initiative of the State Bank of Pakistan (SBP) is a payment system platform that enables various types of transactions among different stakeholders such as organizations, businesses and persons. The objective of this initiative is to promote digitization and financial inclusion in the country. In the first phase of Raast, launched in January 2021, transactions from organizations to persons, generally referred to as Bulk Payments, were enabled. The second phase is designed to facilitate P2P transactions under Raast.

Earlier this week, SBP had informed that the number of Raast IDs registration has crossed the 10 million mark since its launch in Feb22, another milestone achieved by the central bank in the journey of digitization.

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