With a view to enhancing efficiency and productivity through competition, guidelines were laid down for establishment of new banks in the private sector and the foreign banks have been allowed more liberal entry. Since 1993, 12 new private sector banks have been set up.
Ladies and gentlemen, I am happy to share with you that the recent statistics is heartening as the numbers show that the initiatives we pursued have prepared us well for this pandemic. The combined transactions of PESONet and InstaPay increased by 122 percent in volume and 59 precent in value from the first quarter to the second quarter of 2020.