SBP instructs banks to facilitate Roshan Digital Accounts holders

In order to make the Roshan Digital Accounts scheme a success the State Bank of Pakistan (SBP) has directed participating banks to provide excellent user experience and convenience to prospective and existing customers.

Using Roshan Digital Accounts, Non-Resident Pakistanis can now avail digital banking facilities, including access to online banking, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange, and real estate sector with option of full repatriation, the central bank said in a circular.

“Banks shall continuously endeavor to provide an exceptional and seamless digital experience to their customers via their web portals, mobile apps and other digital channels,” said SBP.

The central bank said that banks bank shall ensure that Data Security and Privacy Assurance Statements, explicitly mentioning that all the information/documents and data provided by customers is secure and will not be divulged, are displayed appropriately to ensure customer comfort in this regard.

“Banks shall ensure that their web portals clearly provide an overview of the RDA scheme, and also display eligibility criteria and documentary requirements, as specified by SBP in the Framework for Remote/ Digital Onboarding of NRPs,” it said.

SBP said that banks shall offer both Islamic and conventional accounts, where applicable/allowed and in various eligible currencies (and not just USD) as per the relevant rules and regulations of SBP.

“Banks shall provide services like online banking, online fund transfers in Pakistan, payments of utility and other bill, mobile and wallet tops ups in Pakistan, investment in government securities such as Naya Pakistan Certificates (NPC), round the clock currency conversion services, and immediate repatriation of funds to their customers."