Sat. May 25th, 2024

BREAKING NEWS: Eid Payments; 6 Banks Through Which You Get 10500 Benazir Kafalat Cash

In an effort to improve accessibility and transparency, the Benazir Income Support Programme (BISP) has launched a significant initiative during the Eid Ul Fitr Holidays. The program, which aims to provide financial assistance to vulnerable segments of society, has expanded its payment system from two to six commercial banks. This expansion is expected to benefit 9.3 million beneficiaries under its Kifaalat Programme. Let’s explore the specifics of this transformative measure aimed at promoting financial inclusion and empowerment.

Secretary BISP, Amer Ali Ahmed, disclosed this development during the agreement signing ceremony between BISP and the respective banks.

The six banks selected for the disbursement of Kifaalat stipends to beneficiaries are:

Bank Alfalah

Bank of Punjab

Mobilink Microfinance Bank

Telenor Microfinance Bank

Habib Bank Limited

HBL Microfinance Bank

Key Benefits of the New BISP Banking Payment System

Enhanced Service Coverage: Previously, quarterly stipends were restricted to Bank Alfalah and Habib Bank. By incorporating six additional banks, beneficiaries now enjoy greater accessibility to financial services.

Cost Savings: Secretary BISP emphasized that the program foresees saving two billion rupees annually, attributed to the competition introduced through the new payment system.

Improved Clusters and Service Provision: The introduction of 15 clusters and six banks aims to streamline service provision, ensuring a more efficient disbursement process. This restructuring enhances the program’s capacity to serve beneficiaries effectively.

Register through 7181 for Ehsaas Kafalat Program

The partnership between BISP and the six banks underscores a collective commitment to uplift the socio-economic conditions of marginalized communities. Chairperson BISP, Dr. Amjad Saqib, highlighted the importance of collective responsibility in bringing about positive changes in the lives of beneficiaries. He emphasized the need to serve with dignity and transparency, irrespective of social status, reflecting a shared vision among all stakeholders.

As for the Benazir Kafaalat Programme, it is a component of the Benazir Income Support Programme (BISP) designed to provide financial assistance to vulnerable segments of society, with a particular focus on women.

Conclusion:

The expansion of the payment system for Benazir Kafalat cash stipends marks a significant stride towards financial inclusion and empowerment of marginalized communities. By partnering with commercial banks, BISP is committed to ensuring transparent and efficient delivery of financial assistance, thereby fostering socio-economic development in Pakistan. This initiative demonstrates a concerted effort to address the needs of vulnerable populations and promote greater access to economic resources, ultimately contributing to a more equitable and prosperous society.