KARACHI: The Roshan Digital Account, a banking solution for Non-Resident Pakistanis (NRPs), has fetched inflows amounting to $1 billion during seven months. The Roshan Digital Account is a new initiative of the State Bank of Pakistan (SBP), in partnership with major banks in Pakistan operating in Pakistan to facilitate the NRPs for banking services in Pakistan. The RDA was launched in September 2020 by Prime Minister Imran Khan.
The number of accounts and deposits under the RDA are continued to increase supported by an aggressive campaigning by the State Bank and banks. The State Bank on Saturday reported that deposits of RDA have crossed one billion dollars mark since its launching in September last year. So far, NRPs from over 100 countries have opened over 0.1 million RDA in different Pakistani Banks.
According to SBP, an event to thank the overseas Pakistanis for their extraordinary response for RDA is being planned soon. In addition, exciting new products will also be announced. Most of inflows in RDA are arrived in Naya Pakistan Certificates launched by the federal government to attract foreign investment.
The RDA for the first time in the country’s history enables NRPs to open an account in Pakistan without requiring physical presence either in Pakistan or in any embassy or consulate. It also facilitated the NRPs for banking, payment and investment activities in Pakistan.
This account provided them access to a full range of banking services and exciting investment opportunities in Pakistan from wherever they live. NRPs can invest in Naya Pakistan Certificates, stock market and real estate through RDA. Funds in these accounts can be fully repatriated without any prior approval from the SBP.
Copyright Business Recorder, 2021
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