The State Bank of Pakistan (SBP) has launched the Pasban Remittance Reward Scheme, offering Rs. 16 billion in cash prizes annually to customers receiving home remittances through formal banking channels.
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.
Governor SBP Jameel Ahmad inaugurated the scheme, which 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. A $100 monthly remittance will earn one entry, while higher remittances will generate additional entries.
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 said that the regulator and the government 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 said that workers’ remittances are the backbone of millions of families across Pakistan. They help meet household expenditures, support education and healthcare, and provide resources for investment and economic opportunity.
The governor also highlighted the substantial strengthening of the country’s external account position. He noted 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 in the past, 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, which reached a record US$41.6 billion in FY26, compared with US$21.7 billion in FY19, nearly doubling over the period.
The governor said these figures represent more than an improvement in key indicators; they reflect hard-earned stability and resilience that can help break the boom-bust cycles and place Pakistan’s economy on a more sustainable growth path. He noted that the Government and the SBP have undertaken a range of policy and reform measures to support this turnaround.
The Governor also noted that the Government had introduced Home Remittance Incentive Schemes over the years to encourage the use of formal channels. These schemes helped 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 increased, the Government and SBP undertook a planned and gradual transition towards a more sustainable, market-oriented model, in close coordination with the banking industry.
The governor appreciated the banking industry’s continued support in strengthening formal remittance channels, noting that the launch of Pasban represents a further step in this transition. He said the initiative would help maintain the attractiveness of formal channels while recognizing the important contribution of overseas Pakistanis to Pakistan’s economy.
The Governor also appreciated the Pakistan Banks Association and the banking industry for their partnership in developing and launching the scheme.
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