Rs16bn bank-funded remittance reward scheme unveiled
• Rs4bn to be distributed among 2,521 winners in each quarterly draw • Each raffle to award Rs100m top prize; twenty Rs25m, 100 Rs10m and 2,400 Rs1m prizes • Beneficiaries receiving at least $100 in each of three months qualify automatically • First draw on Jan 15 next year for remittances received from Oct 1 to Dec 31 • Cash-over-counter, RDA remittances excluded from scheme KARACHI: State Bank…
State Bank Governor Jameel Ahmad inaugurated the Pasban Remittance Reward Scheme, which will see the banking sector award a total of Rs16 billion in cash prizes annually. This initiative, spearheaded by the Pakistan Banks Association (PBA) and supported by the State Bank of Pakistan (SBP), aims to incentivize formal home remittances from overseas Pakistanis.
Every quarter, 2,521 winners, equivalent to over 10,000 annually, will receive prizes totaling Rs4 billion. The top prize in each draw is Rs100 million, with additional prizes of Rs25 million, Rs10 million, and Rs1 million awarded to winners receiving remittances of $260, $1,000, and more than $1,000, respectively. To be eligible, beneficiaries must receive at least $100 in qualifying remittances in each of three months.
The first draw will take place on January 15, 2027, following the qualifying period from October 1 to December 31, 2026. The scheme, operated by 1LINK, will exclude cash collected over the counter and remittances credited to foreign-currency accounts. PBA CEO Muneer Kamal highlighted that Pasban builds on existing incentive programs and represents a more sustainable, market-oriented approach to promoting formal remittance channels, recognizing the critical role of overseas Pakistanis in supporting Pakistani families and the economy.
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