The State Bank of Pakistan (SBP) has introduced a new payment framework that will make it easier for BISP beneficiaries to receive their monthly support directly into their bank accounts. This initiative aims to eliminate the difficulties that many people face during the payment process. Beneficiaries of the Benazir Income Support Program (BISP) will now be able to open “BISP Sahulat Accounts” at their local banks, making the transaction process much smoother and more transparent.
| Key Points | Summary |
| Initiative | BISP Sahulat Accounts for 9.3 million beneficiaries |
| Payment Method | Direct transfers via bank accounts |
| Pilot Phase | Starting in Karachi and Lahore |
| Goal | Financial inclusion and transparency |
Table of Content
SBP Introduces New Payment Framework for BISP Beneficiaries 2024
The SBP has created a new structure that allows BISP recipients to receive payments directly to their bank accounts. This system has been developed after consulting with both the banks and the BISP administration. The purpose of this new system is to make the payment process more transparent and reliable.
Beneficiaries will be able to open accounts at any bank or microfinance bank. Once the account is opened, the monthly payments will be transferred directly to their accounts, making the withdrawal process easier for everyone involved.
9.3 Million Beneficiaries Eligible to Open BISP Sahulat Accounts
According to the SBP, approximately 9.3 million BISP beneficiaries will be able to open bank accounts under this new framework. This is a significant step towards financial inclusion, as many of these beneficiaries, particularly women, will now have direct access to their funds. The accounts will allow beneficiaries to withdraw their money anytime from their bank or an ATM.
The process to open a “BISP Sahulat Account” will only require one visit to the local bank. The designated banks are close to where the beneficiaries live, making it easier for them to access the services.
Pilot Phase to Begin in Karachi and Lahore
Since there are millions of beneficiaries, the SBP will implement the framework in phases. The first pilot phase will begin in Karachi and Lahore, where around 300,000 beneficiaries will be onboarded. After this trial phase, the framework will be expanded to more cities. The SBP has also mentioned that adjustments will be made to improve the system based on the results of the pilot phase.
This phased implementation will help the SBP and BISP understand the challenges that may arise and ensure smooth operations when the program expands to other cities.
Payments to Be Disbursed via RAAST and IBFT
Once the BISP Sahulat accounts are opened, the payments will be disbursed through secure channels such as RAAST and IBFT. This method ensures that the payments reach the beneficiaries’ accounts safely and efficiently. RAAST and IBFT are designed for faster, real-time transfers, which means that beneficiaries will not have to wait long to receive their monthly payments.
This system will reduce the risks associated with cash payments and make the process more reliable for everyone involved.
Training for BISP Beneficiaries on Account Usage
To help the beneficiaries, many of whom are illiterate or unfamiliar with banking services, the banks will provide training sessions. These sessions will teach them how to use their bank accounts and ATMs, and how to activate their account PINs. The goal of this training is to ensure that every BISP beneficiary can independently manage their bank account without facing difficulties.
In addition, the banks will cover all initial costs for creating accounts and issuing ATM cards. Beneficiaries will not be charged any fees for opening or maintaining their accounts, but they will be responsible for replacing lost or expired ATM cards.
Conclusion
The new BISP Sahulat Account framework is a crucial step toward simplifying the payment process for over 9 million beneficiaries. By allowing direct transfers into bank accounts, the system ensures that beneficiaries receive their payments more easily and securely. The pilot phase will begin in Karachi and Lahore, with plans to expand to other cities soon. This initiative is expected to promote financial inclusion, especially for women, and improve the transparency and efficiency of the BISP program.
Also Read: Good News: Grade 1-4 Government Workers Now Eligible for BISP Registration
FAQs
What is the BISP Sahulat Account?
The BISP Sahulat Account is a bank account that BISP beneficiaries can open to receive their monthly payments directly into their accounts, rather than through physical cash distribution.
Who is eligible to open a BISP Sahulat Account?
All registered BISP beneficiaries, including the 9.3 million women receiving monthly stipends, are eligible to open a BISP Sahulat Account.
When will the pilot phase of the program start?
The pilot phase will start in Karachi and Lahore, where around 300,000 beneficiaries will be onboarded before expanding to other cities.
Will there be any fees for opening the BISP Sahulat Account?
No, beneficiaries will not be charged any fees for opening or maintaining their accounts. However, they may have to pay for replacement ATM cards if lost or expired.