SBP recognizes JS Bank role in driving home remittance
- During the year, JS Bank recorded more than 1 million transactions with total remittance value standing at $738mn against $685mn recorded last year, showing an increase of over 7.7 percent.
The State Bank of Pakistan (SBP) has recognized JS Bank for its role in driving home remittance.
One of the largest foreign exchange contributors to the national exchequer, home remittance is a high priority area for the SBP and the banking sector with inflows jumping by 51 percent month-on-month to $2.4bn in June as per SBP latest data.
During the year, JS Bank recorded more than 1 million transactions with total remittance value standing at $738mn against $685mn recorded last year, showing an increase of over 7.7 percent.
The bank also invested in a marketing campaign with a focus on digital channels for sending and receiving remittances via legal channels in line with SBP guidelines. Supportive government policies and an increase in incentives supported the drive.
“Our goal is to support economic growth and prosperity by providing services that meet the needs of the people. We are indebted to the State Bank for their support and guidance,” said Basir Shamsie, President & CEO JS Bank.
As per the data released by the SBP, on a cumulative basis, workers’ remittances increased to another “historic high level’ of $23,120.7 million during FY20, witnessing a growth of 6.4pc over $ 21,739.4mn during FY19.
SBP said that policies i.e. extension of Reimbursement of TT Charges Scheme (Free Send Remittance Scheme) to small remitters by reducing the threshold from $ 200 to $ 100, as well as, broadening the scope of an incentive scheme for marketing scheme for financial institutions increased the incentives for sending remittances through regular channels, also played the part in increase remittance.
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