The State Bank of Pakistan (SBP) has implemented a new system for BISP (Benazir Income Support Programme) participants, making it easier for them to receive monthly payments. This new concept will allow BISP beneficiaries to open a “BISP Sahulat Account” with their local banks, simplifying and securing the payment process. Instead than waiting for cash handouts, funds will be made immediately to their bank accounts. This new measure will benefit millions of individuals throughout the country.
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| Details of BISP Sahulat Account | Key Information |
| Eligible Beneficiaries | 9.3 million BISP recipients |
| Payment Method | Direct transfer to bank accounts |
| Pilot Cities | Karachi and Lahore |
| Payment Channels | RAAST, IBFT |
SBP Introduces New Payment System for BISP Beneficiaries
The SBP has created a new payment system to allow BISP beneficiaries receive funds straight into their bank accounts. This new mechanism was created following consultations with the SBP, banks, and the BISP management. It will make the payment process much more efficient, faster, and transparent. BISP beneficiaries can now open accounts with any bank or microfinance bank. Once they establish an account, their monthly payments will be deposited directly into their bank account. This will allow them to withdraw money from their bank or an ATM whenever it is convenient for them.
9.3 Million Beneficiaries Eligible for BISP Sahulat Accounts
This new scheme allows around 9.3 million BISP beneficiaries to register a BISP Sahulat Account. This is a significant step towards assisting people, particularly women, who will now have their own bank accounts. They can withdraw money whenever they need it from a bank or an ATM. The process of opening an account is really straightforward, requiring only one visit to a nearby bank. Opening a BISP Sahulat Account will increase financial security and ensure that funds reach individuals in need as quickly as possible. Most beneficiaries don’t have to drive far as the approved banks are near to their houses.
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Pilot Phase Starting in Karachi and Lahore
The SBP will implement this new payment method in stages, with the first test phase beginning in Karachi and Lahore. In these cities, around 300,000 people will be able to open BISP Sahulat accounts. Once the trial phase is over, the SBP intends to expand the system to additional cities around the country. Starting with Karachi and Lahore, the SBP can test the system, solve any flaws, and ensure everything functions smoothly before rolling it out across the country.
Payments via RAAST and IBFT for Security
To guarantee that payments are secure and reach beneficiaries swiftly, the SBP will employ the RAAST and IBFT systems to transmit funds. These are trustworthy and quick channels that ensure payments are made in real time. Once the BISP Sahulat Accounts are established, recipients will receive their funds as soon as they are transferred. This approach will also eliminate the dangers associated with cash payments and ensure that the money reaches the intended recipients safely. This new mechanism will give BISP beneficiaries more control over their finances.
Training for Beneficiaries to Use Bank Accounts
Many BISP beneficiaries, particularly women, may be unfamiliar with how to utilize a bank account or ATM. To assist customers, banks will provide training sessions on how to operate their accounts, withdraw money from ATMs, and set up their account PINs. These seminars will make the recipients feel more confident in managing their own accounts. In addition, banks will not charge any fees for creating accounts or providing ATM cards. Beneficiaries will only have to pay if they lose their ATM card or need a new one when it expires.
Conclusion
The creation of the BISP Sahulat Account is a fantastic initiative by the SBP and BISP. It will make it easier and safer for more than 9 million people to receive monthly financial assistance straight into their bank accounts. This new method, which will begin with a test phase in Karachi and Lahore, intends to increase financial inclusion, particularly for women, while also improving the transparency of the BISP program. Payments will be made through secure channels like RAAST and IBFT, which ensure quick and safe transactions.
FAQs
What is the BISP Sahulat Account?
The BISP Sahulat Account is a special bank account that allows BISP beneficiaries to receive their monthly payments directly from the government.
Who can create convenience account with BISP?
All registered BISP beneficiaries, comprising 9.3 million recipients, can open a BISP Sahulat Account with any local bank.
Will there be any fees to open a BISP Sahulat Account?
No, there are no fees to open or maintain a BISP Sahulat Account. If you lose your ATM card or it expires, you may need to pay for a new one.
How will the payments be made?
Payments will be transferred directly into the BISP Sahulat Accounts utilizing secure mechanisms like RAAST and IBFT to ensure speedy and safe transactions.
