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, a Rs16bn initiative from the banking sector to reward recipients of formal home remittances. The quarterly draws will award prizes totaling Rs4bn, with over 10,000 winners annually. Each draw offers a top prize of Rs100m, twenty Rs25m prizes, one hundred Rs10m prizes, and two thousand four hundred Rs1m prizes.
To qualify, beneficiaries must receive at least $100 in remittances in each of three months within a quarter. The inaugural draw is set for Jan 15, 2027, for remittances received between Oct 1 and Dec 31, 2026. The scheme aims to encourage formal remittance channels, benefiting Pakistan's economy and families.
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