PM Imran Khan has given the approval for a National Challenger Bank that would be used for remittances.
Prime Minister Imran Khan on Tuesday principally approved the country’s first National Challenger Bank to facilitate digital transfer of remittances from across the world.Source.
This would probably be the first time in any country, a specific challenger bank is being opened to aid & facilitate the inward remittances. Who will run the challenger bank, will it be a subsidiary of an existing government owned bank, how will State Bank of Pakistan issue a license for the same, all remains to be seen. However, a step in the right direction nonetheless.