ISLAMABAD - BISP is considering new banking model for improved transparency in payments and will renegotiate the terms with the banks offering BISP services, it was learnt reliably here.

The decision was made in the 24th meeting of the BISP Board held here at BISP Secretariat. BISP chairperson Marvi Memon chaired the meeting. BISP’s Board is headed by chairperson BISP while secretary BISP functions as its secretary. In addition, there are four members from the public sector and five from the private sector having diverse expertise and range of skills.

It was the 3rd meeting under Marvi Memon’s chairpersonship since assuming office of the chairperson of the programme in February this year. The following Board members were in attendance: representatives of Finance, EAD, Foreign Office, Cabinet Division, Dr Zeba A Sathar, Yawar Irfan Khan, Dr Ali Cheema and Secretary BISP.

Currently UBL, Bank Alfalah, Summit Bank and Tameer Bank etc are providing services to the BISP beneficiaries but to serve them in much better way the terms of the understanding with the banks will be renegotiated, the official privy to the meeting informed.

Meanwhile, a press statement issued here said that regarding Waseela-e-Sehat (Group Life Insurance), it was decided by the Board that BISP would explore the possibility of building in house capacity to enroll all breadwinners of BISP beneficiary families under Group Life Insurance or to hire a suitable insurance company, through competitive bidding process, for insurance purpose.

In view of constraints faced by BISP beneficiary families, it was allowed by the Board to relax the time period of death reporting in the existing contract with State Life Insurance Corporation to three years instead of one year. As a result of this amendment, approximately 2800 beneficiary families will get benefit of Rs 100,000 whose breadwinners have died more than a year ago, the statement said.

The Board approved ‘Reconstitution of Audit Committee’. This is an important step for ensuring transparency in the working of organization. The Board also approved ‘Amendment in Data Sharing Protocol of BISP’s NSER’ and allowed BISP to share its non-proprietary data with general public through a portal or website. Besides, BISP would be able to share data with research organizations and the organizations working in collaboration with BISP or independently for the benefit of the beneficiaries or the marginalized segments of the society.

The Board was apprised of various developments which included engagement with other organizations for developing graduation strategies to pull beneficiaries out of poverty, IT based monitoring tools for enhancing efficiency and transparency, Management Information System (MIS) and grievance redressal mechanisms relating to targeting and payments.

Chairperson BISP said that with the guidance of BISP Board, BISP management is committed to transform BISP into an exemplary organization not only for Pakistan but also for the whole world. During her welcome note, chairperson BISP shared fresh initiatives undertaken by the organization and briefly discussed the agenda items of the meeting. She stated that by exploring new avenues of cooperation and adopting technology based innovative solutions, BISP is fast moving towards improved standards of efficiency, transparency and service delivery which indicate present government’s resolve to fight the menace of poverty.