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Draft law being prepared to subvert cyber-crimes: Dar

November 17, 2014

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Dar shared his views that promotion of digital banking will improve Pakistan's remittances. - APP/File
Dar shared his views that promotion of digital banking will improve Pakistan's remittances. - APP/File

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

The finance minister made these statement while addressing the International Branchless Banking Conference on Monday.

According to Dar, the draft will be presented in Parliament for legislation soon. The finance minister also said the use of digital financial channels such as electronic and mobile banking reduces the chances of fraud and theft, and highlighted the significance of branchless banking for the economy.

He added that promotion of digital banking will improve Pakistan's remittances, which saw a 15.21 per cent increase during the first four months of the current financial year.

Dar added that the country's branchless banking is recognised all across the world, and there is a need to make more efforts that will move this form of banking to far flung areas of Pakistan through latest technologies.

He further added that the government is focusing on its economic reforms agenda and aims to achieve a high Gross Domestic Profit (GDP) growth rate.

A key element of the government's economic agenda is to support poor segments of the society and help the lower income population through its income support programme and loan schemes for the youth.

Previously, Governor State Bank of Pakistan (SBP) Ashraf Mahmood Wathra, said in his welcome address that branchless banking is encouraged to serve the rural and under-developed areas of the country. He also said that Pakistan is one of the largest branchless banking markets in the world and has 4.7 million accounts.

He said a special programme has also been initiated to raise awareness amongst people about the benefits of electronic and mobile banking.