SBP facilitates recipients of BISP
The State Bank of Pakistan (SBP) has unveiled a facilitation
framework with the aim of directly crediting financial assistance to
beneficiaries enrolled in the Benazir Income Support Programme (BISP) into
their bank accounts.
As per the SBP's announcement, the newly introduced
framework is crafted to streamline the enrolment process for BISP beneficiaries
to receive social welfare payments directly into newly opened accounts
accessible through all banks and Microfinance Banks (MFBs) across the country.
This facilitation framework has been developed in collaboration with BISP and
various banking institutions.
BISP
expands payment system through collaboration with six banks
Under this framework, approximately 9.3 million BISP
beneficiaries will have the opportunity to open a "BISP Sahulat
Account" with a single visit to the designated bank branch in their
vicinity. BISP has already aligned its beneficiaries with nearby bank branches.
However, due to the large number of beneficiaries, the implementation will be
carried out in phases.
Initially, a pilot phase will be conducted in Karachi and
Lahore to onboard around three hundred thousand (300,000) BISP beneficiaries.
Upon the successful completion of the pilot phase, the coverage of the framework
will be expanded to other cities in consultation with BISP.
Disbursement
of BISP payments through banks enhances transparency: Kundi
This arrangement is anticipated to streamline the
distribution of social welfare payments to BISP beneficiaries in a more
efficient and transparent manner, promote financial inclusion for women, and
encourage the digitalization of financial services, as stated by the SBP.
Source: Experss Tribune