BISP Funds To Be Transferred To Bank Accounts Of Deserving Women

Pakistani women are eligible for financial assistance through the Benazir Income Support Program (BISP). Over five million individuals in Pakistan are living below the poverty line, and the federal government of Pakistan launched a program in 2008 to offer cash help and health insurance to those people.

Helping low-income women attain financial security and gain access to essential services, BISP provides grants and health coverage. Families in need can receive help from BISP in the form of food vouchers, financial aid, and medical insurance. To further its goal of helping women find gainful employment, the initiative also offers specialized training and access to small business loans.

Government Unveils Changes to BISP Cash Grant Distribution:

Under the Benazir Income Support Program (BISP), the government made two big changes to the way cash grants are given to the most deserving people. Now, people can get payments straight into their bank accounts, and the payments are tied to whether or not they go to school.

The Benazir Social Protection Account went into effect on Friday. Beneficiary women will be able to choose the bank they want to use and will receive payments straight into their accounts, which they can take out whenever they want.

Shazia Marri, the minister for Poverty Alleviation and Social Safety, said that the National Bank of Pakistan, Bank Alfalah, JS Bank Limited, and United Bank Limited have been chosen as the first banks to use the new payment model. These banks were chosen through a competition process.

Under BISP, she said, a subsidy of Rs16.3 billion (Rs 2,000 each) was also given to 8.6 million families to help with the effects of a sharp rise in the prices of petroleum goods, which was making inflation go up and up.