Launch of “Savings Scheme” Under BISP: Encouraging deserving people 

BISP Savings Scheme

“Savings Scheme” under Benazir Income Support Program. In recent years, Pakistan has been facing serious situations not only due to economic crises but also due to natural disasters such as floods, earthquakes, and global pandemics such as COVID-19. To address such challenges, the Government of Pakistan has introduced a modern and comprehensive social protection scheme under the Benazir Income Support Program (BISP) known as the “Savings Scheme”.

Introduction to the Savings Scheme

“Savings Scheme” is a new and revolutionary initiative of the Benazir Income Support Program, which aims to not only bring the poor and vulnerable out of their current financial difficulties but also to prepare them financially for future uncertainties and emergencies such as natural disasters or pandemics.

Launch of Savings Scheme Under BISP Encouraging deserving people 

This scheme has been introduced specifically for those individuals whose PMT score is 40 or less in the National Socio-Economic Registry (NSER). This shows that the scheme has been designed keeping in mind the most deserving and lower-class people of the country.

Initial Implementation – Launched in 15 Districts

The savings scheme has currently been launched in 15 selected districts of Pakistan. These districts have been selected based on the information from NSER so that the maximum needy people can be benefited initially.

The list of districts is as follows:

✅ Islamabad

✅ Lahore

✅ Karachi

✅ Peshawar

✅ Muzaffarabad

✅ Lakki Marwat

✅ Quetta

✅ Qila Saifullah

✅ Sukkur

✅ Multan

✅ Neelum

✅ Gilgit

✅ Astore

These areas were primarily selected for deserving individuals with N‑PMT scores (10–40) to encourage them to save and make them financially strong. Under the scheme, families deposit Rs 500–1000 per month in their bank accounts as savings, and BISP provides them with an additional 40% benefit.

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Main Objectives of the Scheme

  • Promoting the habit of saving:

The main objective of this scheme is to inculcate the habit of saving among the common citizens so that they do not need anyone in difficult times and can stand on their own feet.

  • Financial Independence:

Along with financial assistance, an important aspect of the scheme is to make people independent so that they do not depend on government assistance in the future.

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  • Protection from natural disasters and emergencies:

The scheme also takes into account that in any disaster or emergency, people can immediately meet their needs with the money they have saved

  • New Model of Social Protection:

The Bachat Scheme is a “hybrid social protection” model, which includes traditional financial assistance as well as long-term financial planning.

Conclusion

The Bachat Scheme under the Benazir Income Support Program is a precursor to a positive and far-reaching change in the concept of social welfare in Pakistan. This scheme will not only reduce the current financial difficulties but will also provide the poor with an opportunity to live a safe, dignified, and self-sufficient life. If this scheme is successful, it can be expected that its scope will be extended to more districts and individuals in the future.

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