From the line you said, Indo-Pak, the probability of writing in my lines the words "Bidah" increased, and finally after reading your question completely, I can pretty confidently say it is Bidah.
Justifying actions based on http://islamqa.com/en/ref/2587/nazr, is something at the first place, you came up with new things, and then justifying it without properly understanding the context of things going on in http://islamqa.com/en/ref/2587/nazr.
To straight away, suggest you about where things are going the wrong way,
Whosoever desires (with his deeds) the reward of the Hereafter, We give him increase in his reward, and whosoever desires the reward of this world (with his deeds), We give him thereof (what is written for him), and he has no portion in the Hereafter. (Qur'an 42:20)
It is very very hard to digest the above verse but it is true.
is this practice Islamic/sunnah or bid'ah?
There are no references which say exactly your case happening in the past in the Hadith or Qur'an. (but these may be in fact the slow imitations and cultural effects of Hinduism in India).
I can say this is nothing but heights of exploiting the rewards of reciting Qur'an in an unanticipated way which are not prescribed.
does it help achieve such purposes or does it simply do nothing at all?
Reciting Qur'an per se, will Insha Allah be rewarded, but/and more reward is upon the one who understands it, obeys it, follows it, memorizes it, teaches it and practices it to the most/best extent possible.
What does Islam say about this?
Islam says its Bidah.
May the creator guide us all.