SBP Clarifies: Transaction Charges for BISP Digital Wallets Limited to Cash Withdrawals
The State Bank of Pakistan (SBP) has clarified that transaction charges for Benazir Income Support Programme (BISP) beneficiaries will apply exclusively to cash withdrawals.
In a recent briefing to the National Assembly’s Standing Committee on Poverty Alleviation and Social Safety, SBP Deputy Governor Saleem Ullah emphasized that digital fund transfers and transactions made via RAAST will remain completely free of charge.
Key Highlights of the Update:
- Fixed Withdrawal Fee: A transaction charge of Rs280 has been set for cash withdrawals.
- Digital Transactions Remain Free: Online transfers and RAAST-based transactions are exempt from these fees to encourage the adoption of digital financial services.
- Regulatory Oversight: The SBP will review and notify the schedule of charges every six months to ensure fairness and transparency.
- Digital Transition Timeline: Two private microfinance banks are set to operationalize digital wallet interoperability by July 16 and July 20, with all six participating banks expected to complete integration by July 31. The program aims for the complete digitalization of all BISP beneficiary accounts by December 31, 2026.
Committee Concerns
While the initiative marks a significant step toward a fully digital social safety net, the Standing Committee expressed concerns regarding the current level of public awareness. Members urged BISP management to strengthen its implementation mechanisms and ensure that partner banks provide robust support and facilitation to beneficiaries during this transition.
source: brecorder
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