The State Bank of Pakistan (SBP) has launched a new cash reward scheme aimed at encouraging overseas Pakistanis to send money through formal banking channels.
The officials of the SBP said that the Pasban Remittance Reward Scheme would offer cash prizes worth up to Rs16 billion a year to eligible beneficiaries receiving home remittances.
SBP Governor Jameel Ahmad inaugurated the scheme, which replaces the Sohni Dharti Remittance Scheme.
The new programme shifts from a points-based system to direct cash rewards.
Under the programme, 2,521 cash prizes worth Rs4 billion will be distributed each quarter, according to the scheme’s details.
This includes 2,400 prizes of Rs1 million each. Other prizes will be distributed under separate categories.
Over a full year, up to 9,600 beneficiaries could receive Rs1 million prizes, subject to the quarterly draws and eligibility requirements.
To qualify, beneficiaries must receive home remittances equivalent to at least US$100 a month for three consecutive months within a quarter.
Eligible recipients will be given digital entry numbers based on the amount of money received.
A monthly remittance of US$100 will qualify for one entry, while larger amounts will result in additional entries.
The SBP said the scheme is intended to encourage the use of formal banking channels for remittances.
Pakistan has previously offered incentives through the Sohni Dharti Remittance Programme, which rewarded recipients through a points-based system.
The launch of the Pasban scheme comes as the authorities seek to encourage overseas Pakistanis to use formal channels to send money home, while offering financial incentives to eligible recipients.
