To ensure BISP (Benazir Income Support Programme) beneficiaries receive their financial aid directly into their bank accounts, banks and Microfinance Banks (referred to as banks) are instructed to initiate account openings for beneficiaries. Initially, this framework will be piloted in Karachi and Lahore before potentially expanding to other cities.
A. Onboarding of BISP Beneficiaries:
Banks will receive account opening information from BISP, including beneficiary details like full name (matching CNIC), parent/spouse name, CNIC number, date of birth, mobile number, and address. Before sending this information, BISP will verify the CNIC validity. Banks will screen beneficiaries against UNSC designated lists and other relevant lists. Upon screening, banks will create accounts in designated branches, generate IBANs, and share them securely with BISP for fund disbursement through RAAST/IBFT.
The created accounts will stay inactive and debit-blocked until the activation process described in section B is completed.
B. Accounts/ATM Activation and Disbursement:
Banks will activate accounts through Biometric Verification (BV) upon the beneficiary’s branch visit. If BV isn’t possible, NADRA Verisys will be conducted, and reasons documented. Oral consent will be obtained for FATCA/CRS, T&Cs acceptance, and account information use. Post-activation, pre-activated PayPak cards will be provided to beneficiaries, and PINs generated during the activation visit through various means like call centers, ATMs, SMS, etc. Cheque books and internet/mobile banking facilities won’t be issued.
C. Accounts Operations:
During the pilot, BISP beneficiary accounts will be limited mandate accounts for receiving BISP disbursements. SBP may consider allowing normal operations post-pilot. Banks will recover costs from BISP, exempting beneficiaries from charges except for replacement/duplicate card fees.
D. Facilitation and Support:
Banks will establish a dedicated function for coordination with BISP, conduct training programs for employee facilitation, and ensure timely complaint resolution and 24/7 customer support availability for BISP beneficiaries.
Source: https://www.sbp.org.pk/bprd/2024/C1.htm
