State Bank Launches Pasban Scheme for Overseas Pakistanis

News Desk
KARACHI:
State Bank of Pakistan (SBP) Governor Jamil Ahmad has officially inaugurated the ‘Pasban Remittance Reward’ scheme, a major financial initiative designed to incentivize and facilitate overseas Pakistanis transferring funds through legal banking channels.
Under this newly launched self-reliance program, formal remitters will collectively receive Rs16 billion in cash prizes annually, distributed on a market-driven basis to encourage greater participation in the country’s documented financial ecosystem.
The launch ceremony, held in Karachi on Friday, highlighted the central bank’s ongoing commitment to bolstering foreign exchange reserves and providing tangible recognition to the millions of expatriates who sustain Pakistan’s external account.
By tying rewards directly to formal banking channels, the initiative aims to systematically curtail illegal hundi and hawala networks, ensuring that vital remittances contribute transparently to the national exchequer and macroeconomic stability.
Financial analysts view the Rs16 billion reward mechanism as a timely and strategic intervention that directly impacts the broader economy.
Remittances remain the single largest source of external financing for Pakistan, cushioning the current account deficit and supporting domestic consumption.
By incentivizing legal transfers, the scheme is expected to drive liquidity into commercial banks, thereby stabilizing the local currency and fostering sustainable economic resilience amidst external financial pressures.
Following the formal rollout, the central bank is expected to collaborate closely with commercial banks and exchange companies to streamline the distribution of cash prizes and raise awareness across expatriate communities worldwide.
Further operational guidelines detailing eligibility criteria and the mechanics of the market-driven reward distribution will be disseminated in the coming days to ensure seamless execution.