SBP launches remittance reward scheme
KARACHI: The banking industry, under the auspices of the Pakistan Banks Association (PBA), has launched the ‘Pasban Remittance Reward Scheme’, a market-based and sustainable initiative offering Rs16 billion in annual cash prizes to incentivise and reward remittance recipients. Governor State Bank of Pakistan Jameel Ahmad, inaugurated the scheme at the head office on Friday. The scheme is funded…
The State Bank of Pakistan (SBP) has launched the 'Pasban Remittance Reward Scheme', a market-based initiative that offers Rs16 billion in annual cash prizes to incentivize and reward remittance recipients. Governor Jameel Ahmad inaugurated the scheme, which is funded entirely by the banking industry and does not burden the national exchequer.
Developed under the SBP's patronage, the scheme aims to encourage overseas Pakistanis to use formal banking channels for sending remittances to their families in Pakistan. The scheme provides digital, non-transferable entry numbers to eligible beneficiaries who receive remittances of USD 100 or more each month for three consecutive months within a quarter.
A total of 2,521 cash prizes worth Rs4 billion will be distributed every quarter, with the first prize being Rs100 million, followed by 20 second prizes of Rs25 million each, 100 third prizes of Rs10 million each, and 2,400 fourth prizes of Rs1 million each.
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