LAHORE: The Bank of Punjab (BOP) says its participation in the Punjab Mazdoor Card (PMC) is profitable, based on commercial considerations, follows strategic business thinking and is in line with the Bank’s vision of promoting financial inclusion and digitalisation in the country.

In a statement on Thursday, the bank said it maintains deep and profitable banking relationship with the Punjab government and its institutions including PESSI. The bank’s offering in PMC initiative is fully at par with other debit card-based solutions available in the market and offered to other similar users. The solution is supported by a sound business model and doesn’t rely on any CSR initiative.

PESSI has already recommended registered institutions to pay salaries/wages digitally through Mazdoor Card, making the initiative profitable for the bank. PMC initiative is in line with State Bank’s strategic vision to promote financial inclusion in the country by way of digitalising the largest registered labour workforce.

The bank said it has also ensured that the design and execution of the initiative remains compliant with all relevant internal policies and regulations prescribed by the SBP.

Published in Dawn, April 29th, 2022