Bank of Israel mandates bank benefits amid parental grant offering

Bank Mizrahi-Tefahot introduced a one-off NIS 1,000 grant to parents to fund after-school activities. This initiative is part of a framework mandated by the Bank of Israel requiring banks to provide benefits to customers. A survey commissioned by the bank found that 91% of parents reported that after-school activity expenses significantly burden their family budget.

The grant targets financial strain on family budgets, as 83% of parents surveyed indicated they prefer cutting leisure, restaurant, or vacation expenses rather than preventing their children from participating in after-school activities. The move follows a Bank of Israel framework requiring financial institutions to offer customer benefits.