Last Updated on: 11th August 2024, 07:18 am
The Benazir Income Support Program (BISP) is one of Pakistan’s key initiatives to support women by providing them with financial support and helping them manage their households more effectively. President Rubina Khalid announced plans to onboard 700,000 new beneficiaries and introduce a new partnership with six more banks to increase transparency of the program.
Rubina Khalid discussed that BISP is introducing a new banking system to expedite payments to needy women. This new system requires collaboration with multiple banks to avoid delays and ensure full payments without deductions.
BISP Chairperson said we have 6 new bank partners to distribute payments to 9.5 Million BISP Beneficiaries
During a media interaction in Mardan, Rubina Khalid stated that the improved banking system would enable beneficiaries to receive their payments more efficiently. By partnering with six banks instead of a single institution, the program aims to distribute the monthly payments quickly and without hassle.
Here is the list of six new banks for payments in 2024
The six banks selected to distribute the payments are:
- Al Falah Bank
- Bank of Punjab
- Mobilink Microfinance
- Telenor Microfinance Bank
- Habib Bank Limited (HBL)
- HBL Microfinance
Also Read: BISP Program Partners with Six Banks to Serve 9.3 Million Beneficiaries
Expansion of the BISP Program to 10 million beneficiaries
Rubina Khalid also explained that the BISP program is being expanded on the directives of President Asif Ali Zardari. Currently, 9.3 million families are benefiting from it, and with this expansion, more than 10 million beneficiaries will receive support through the Benazir Kafaalat program. International organizations such as the World Bank and the Asian Development Bank have recognized BISP for its transparency.
Details about the BISP Bank Payments
What’s the reason behind giving payments through new banks
The decision to partner with six banks is part of a broader initiative to improve the payment process and address complaints about point-of-sale (POS) agents. Previously, only two banks were involved and their contracts had expired. This expansion not only helps integrate more banks but also aims to make the payment process more transparent and efficient.
Also Read: Benazir Kafalat 15 Clusters List Released for Bank Distribution
Last Words
The collaboration with six new banks is a key development for BISP to make sure that payments are distributed more transparently and efficiently. This move will benefit 9.5 million people and expand the reach of the program to help even more families across Pakistan.