ISLAMABAD: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Tuesday said banks were giving loans to such people who were earlier even not allowed to enter banks.

The central bank governor said this while addressing the launching ceremony of Pakistan’s first instant payment system ‘Raast’, developed by the SBP, in Islamabad.

He said under the ‘Naya Pakistan Housing Scheme’ banks approved loans up to Rs131 billion. In the banking system, rich were provided every kind of facilities and poor faced difficulties, but now banks were providing loans to common men too, he maintained.

“Prime Minister Imran Khan directed to improve the banking system through inclusiveness. His vision is that banking system should be available to people of every status,” he said.

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SBP governor said Raast application would revolutionise the digital payment, which aimed at creating easiness in banking The for common man. It was a system of instant payment, he maintained. He said one could register his mobile phone number with Raast.

“Raast can be linked with any bank account. Users will be able to send and receive money in their accounts through the mobile application, which is completely free,” he said.

PM Imran Khan on Tuesday launched ‘Raast’ application.

In a tweet, Minister of State for Information and Broadcasting Farrukh Habib had said the programme aimed at facilitating digital payments amongst people.