18th Meeting Of NA, Committee On Finance Held At “Parliament House”

The 18th meeting of the Standing Committee on Finance and Revenue was held on Thursday at the Parliament House, Islamabad, under the chairmanship of Syed Naveed Qamar, MNA

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Sep, 2025) The 18th meeting of the Standing Committee on Finance and Revenue was held on Thursday at the Parliament House, Islamabad, under the chairmanship of Syed Naveed Qamar, MNA.

The Committee considered “The Corporate Social Responsibility Bill, 2025”, moved by Dr. Nafisa Shah, MNA. After deliberations, the Chair directed the Minister of State for Finance and Revenue to convene a consultative meeting with the mover Dr Nafisa Shah, Zeb Jaffer MNA, the Finance Secretary, and the Chairman of the SECP in order to build consensus on the Bill.

The Committee further instructed that the Ministry, along with the SECP, should present their respective recommendations and well-structured proposals before the Committee in the next meeting so that the Committee proceed effectively with the legislative process.

The Committee also considered “The Parliamentary Budget Office Bill, 2025,” (Private Member’s Bill), Moved by Rana Iradat Sharif Khan, MNA, and appointed a Sub-Committee with the following Composition and Terms of Reference:

The Sub-Committee will review” The Parliamentary Budget Office Bill, 2025” (Private Member’s Bill), Moved by Rana Iradat Sharif Khan, MNA and submit its report in 30 Calendar days.

The Governor, State Bank of Pakistan, briefed the Committee on the country’s digital payments ecosystem, outlining the existing infrastructure, progress made, and key trends.

He highlighted Pakistan’s transition toward a cashless economy, with plans to digitize all federal, provincial, and local government payments, including state-owned enterprises, by June 2026.

The Governor outlined on the successful launch of Mashreq Bank’s digital operations in Pakistan, completed within 12 months compared to the usual 5-year timeline elsewhere, with its global middle office now based in the country.

He also informed the Committee that five new digital banks had received in-principle approvals, while the current infrastructure supports 226 million accounts and 46 million RAST IDs nationwide.

The Governor added that 88% of retail transactions are now digital, with ongoing efforts to further increase transaction value and strengthen security measures, including a liability framework for banks and a two-hour transaction cooling period.

The Governor highlighted the State Bank’s initiatives to promote innovation, consumer protection, and cyber security, while also pointing out challenges such as low financial literacy and regulatory gaps.

He assured the Committee of the Bank’s continued collaboration with stakeholders to build a modern, secure, and inclusive digital payment system.

The Chair urged on the digitization of payments and social protection systems, particularly through digital wallets to replace branchless banking, enabling beneficiaries to access funds directly with multiple withdrawal options.

The Minister of State for Finance and Revenue updated the Committee on the Prime Minister’s cashless initiative, supported by three subcommittees working on digital payments innovation and adoption. The Committee discussed the roadmap ahead, underscoring the role of digital financial services in financial inclusion, transparency, and economic growth.

The Committee deferred briefing on the new Electric Vehicle Policy to its next meeting of the Committee.

The Committee approved the minutes of its previous meeting and the meeting was attended by Rana Iradat Sharif Khan, Ali Zahid, Dr. Nafisa Shah, Zeb Jaffar, Hina Rabbani Khar, Sharmila Sahiba Faruqui Hasham, Mirza Ikhtiar Baig, Muhammad Jawed Hanif Khan, Muhammad Usman Awaisi, and Shahida Begum, MNAs.

The meeting was also attended by Bilal Azhar Kayani, the MOS for Finance, Secretary Finance, Chairman FBR, Chairman SECP and officers from the Finance and Revenue Divisions were also present during the meeting.