SBP Announces Rs. 10 Lac Cash Prize for 10,000 Overseas Pakistanis

In practice, the State Bank of Pakistan (SBP) has introduced the Pasban Remittance Reward Scheme, offering Rs.

Key points

• 10 lac cash prize will go to 2, 400 winners in each quarterly draw, meaning 9, 600 beneficiaries can win Rs.
• According to The Governor additionally, the Administration had introduced Home Remittance Incentive Schemes over the years to encourage the apply of formal channels.
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• The State Bank of Pakistan (SBP) has introduced the Pasban Remittance Reward Scheme, offering Rs.

In practice, the State Bank of Pakistan (SBP) has introduced the Pasban Remittance Reward Scheme, offering Rs. 16 billion in cash prizes annually to customers receiving home remittances through formal banking channels.

Meanwhile, the Rs. 10 lac cash prize will go to 2, 400 winners in each quarterly draw, meaning 9, 600 beneficiaries can win Rs. 10 lac over a full year. SBP Reserves Now Cover 3.5 Months of Imports.

Governor SBP Jameel Ahmad inaugurated the scheme. It replaces the Sohni Dharti Scheme with a new reward-based model aimed at encouraging overseas Pakistanis to send remittances through banks.

Under the scheme, a beneficiary must receive remittances equivalent to at least $100 per month for three consecutive months within a quarter to qualify.

Eligible beneficiaries will receive digital entry numbers based on the amount of remittances received. While higher remittances will generate extra entries, a $100 monthly remittance will earn one entry.

Meanwhile, the scheme will distribute 2, 521 cash prizes worth Rs. 4 billion every quarter. Prize Number of Prizes Amount. First 1 Rs. 100 million. Second 20 Rs. 25 million each. Third 100 Rs. 10 million each. Fourth 2, 400 Rs. 1 million each.

Speaking at the launch ceremony, Governor SBP remarked that the regulator and the administration have been working closely with the PBA over the past few months to develop a self-sustaining and market-oriented remittance scheme that can continue to facilitate, encourage, and attract workers' remittances from overseas Pakistanis through formal channels.

He remarked that workers' remittances are the backbone of millions of families throughout Pakistan. They support meet household expenditures, backing education and healthcare, and provide resources for investment and economic opportunity.

Meanwhile, the governor additionally highlighted the substantial strengthening of the country's external account position. He observed that the external current account deficit has now been brought to manageable levels, supporting a sustained buildup in FX buffers. SBP's FX reserves, which fell below US$3.0 billion in February 2023, now stand at US$21.4 billion.

He emphasized that, unlike previously, the continued strengthening of FX buffers has been driven primarily by FX purchases from the market rather than an accumulation of external debt. The Governor appreciated the contributions of overseas Pakistanis and highlighted the exceptional performance of workers' remittances. It reached a record US$41.6 billion in FY26, compared with US$21.7 billion in FY19, almost doubling over the period.

In practice, the governor remarked these figures represent more than an improvement in key indicators; they reflect hard-earned stability and resilience that can assist break the boom-bust cycles and place Pakistan's economy on a more sustainable expansion path. He observed that the Administration and the SBP have undertaken a range of policy and reform measures to backing this turnaround.

According to The Governor additionally, the Administration had introduced Home Remittance Incentive Schemes over the years to encourage the apply of formal channels. These schemes supported develop the market, brought more financial institutions into the ecosystem, expanded Pakistan's domestic and global reach, and strengthened the infrastructure needed to process growing volumes of remittances.

As the market developed and the cost of these schemes rose, the Administration and SBP undertook a planned and gradual transition towards a more sustainable, market-oriented model, in close coordination with the banking industry.

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In practice, the governor appreciated the banking industry's continued backing in strengthening formal remittance channels, noting that the launch of Pasban represents a further step in this transition. He remarked the initiative would assist maintain the attractiveness of formal channels while recognizing the significant contribution of overseas Pakistanis to Pakistan's economy.

Meanwhile, the Governor additionally appreciated the Pakistan Banks Association and the banking industry for their partnership in developing and launching the scheme. Stay Connected with ProPakistani.

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