The beneficiaries of Benazir Income Support Program (BISP) will have to pay the transaction fee for cash withdrawals made through interoperable digital wallets, Deputy Governor State Bank of Pakistan (SBP) Saleem Ullah said.
The deputy governor of the State Bank of Pakistan (SBP) briefed the National Assembly Standing Committee on Poverty Alleviation and Social Safety, which met under the chairmanship of Mir Ghulam Ali Talpur.
He informed the committee that the fee for cash withdrawals by Benazir Income Support Program (BISP) beneficiaries would be fixed at Rs280, while online transfers and RAAST transactions would remain free of charge. The SBP will issue a revised schedule of charges every six months.
The committee was also told that two private microfinance banks would operationalize the interoperability of BISP digital funds by July 16 and July 20, respectively.
With their integration, all six participating banks are expected to complete the interoperability process by July 31.
The deputy governor further said that the complete digitalization of BISP beneficiary accounts, including mandatory online functionality, is scheduled to be completed by December 31 this year.
