Draft law being prepared to subvert cyber-crimes: Dar

Finance minister says draft will soon be presented in Parliament for legislation


Web Desk November 17, 2014

ISLAMABAD: Finance Minister Ishaq Dar on Monday said a draft law is being prepared to subvert cyber-crimes and terrorist financing, Radio Pakistan reported.

“The draft will soon be presented in Parliament for proper legislation,” he said, while addressing the International Branchless Banking Conference in Islamabad.

Highlighting the significance of branchless banking for the economy, the finance minister said using digital financial channels such as electronic and mobile banking reduces the probability of theft and fraud.

The finance minister upheld that promotion of digital banking will increase remittances which surged by 15.21% in the first four months of the current financial year.

“Our branchless banking models are recognised globally and there is a need to make concerted efforts to drive the branchless banking sector through mobile and other latest technologies for the benefit of far flung areas,” Dar said.

“The government is committed to implement its economic reform agenda with the aim to achieve high GDP growth rate and ensure its benefits reaching the grass-root level.”

Earlier, Governor State Bank of Pakistan (SBP) Ashraf Mahmood Wathra said branchless banking is being encouraged to serve the rural areas of the country.

“Pakistan is one of the largest branchless banking markets in the world with branchless accounts rising to four point seven million,” the governor SBP said.

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