SBP revises framework for BISP Sahulat Account to improve aid disbursement
The State Bank of Pakistan (SBP) has revised its Facilitation Framework for Benazir Income Support Programme (BISP) Sahulat Accounts, introducing new guidelines aimed at improving the efficiency and security of financial aid disbursement to beneficiaries. All banks and microfinance banks have been instructed to assist in the streamlined opening of accounts for eligible recipients.
Pilot Phase Launched in Major Cities
The updated framework will initially be rolled out in select cities—Karachi,
Lahore, Islamabad, Quetta, Peshawar, Muzaffargarh, Muzaffarabad, and Gilgit—as
part of a pilot phase. Nationwide implementation will follow after a
performance review and adjustments based on field feedback.
Simplified Account Opening Process
Under the revised protocol, BISP will securely share pre-verified
beneficiary data—including CNIC number, full name, date of birth, and
residential address—with designated banks. Banks will then conduct screening
against designated and proscribed persons lists before initiating the account
opening process at BISP-designated branches.
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Once accounts are created, International Bank Account Numbers (IBANs) will be shared with BISP. However, these accounts will remain inactive until the beneficiary completes the activation process in person.
Activation via Biometric Verification
Beneficiaries will be notified through SMS and a web portal, informing them
of their designated bank, branch, and scheduled visit for activation. To
activate the account, the beneficiary must present a valid CNIC at the assigned
branch, where Biometric Verification
(BV) will be conducted.
If BV is unsuccessful, NADRA
Verisys will be used as an alternative. Beneficiaries will also
provide supplemental information such as CNIC issuance and expiry dates, place
of birth, spouse or parent details, and mobile contact information.
Banks will obtain verbal consent to meet FATCA/CRS compliance requirements and complete
supervisory due diligence. After successful activation, banks will issue cheque
books (minimum five leaves). Where BV cannot be conducted, PayPak debit cards will be issued,
and PINs can be generated through call centers, ATMs, SMS, or other supported
methods.
Disbursement and Withdrawal
Following activation, BISP will begin transferring funds using RAAST/IBFT channels. Beneficiaries
can withdraw funds during their second visit using either cheque or debit card.
Cheque withdrawals will require a thumb impression, or NADRA Verisys where BV
is unavailable.
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While internet and mobile banking services will not be offered for these accounts, debit cardholders can withdraw cash from any ATM without off-us transaction charges. Banks are also expected to ensure the rollout of BV-enabled ATM withdrawals in parallel with cheque-based options.
Support and Complaint Handling
To facilitate smooth implementation, SBP has directed banks to:
·
Establish dedicated coordination teams for
working with BISP
·
Provide specialized training to branch staff
·
Set up systems for timely complaint resolution
·
Offer 24/7 customer support services
These measures aim to ensure that financial assistance reaches BISP
beneficiaries in a secure, efficient, and user-friendly manner.
Source: Profit Pakistan