Pakistan, Sept. 26 -- Governor State Bank of Pakistan Jameel Ahmad on Friday inaugurated the Pasban Remittance Reward Scheme, a market-based, sustainable initiative offering Rs16 billion in annual cash prizes to overseas Pakistanis using formal banking channels for home remittances.

The scheme has been launched under the auspices of the Pakistan Banks Association (PBA) by the banking industry and is funded entirely by the banking industry, with no burden on the national exchequer. It has been developed under the patronage of the SBP.

Speaking at the launch ceremony at SBP Karachi, Governor Jameel Ahmad said the SBP and the Government have been working closely with the PBA over the past few months to develop a self-sustaining and market-...