Roshan Digital Account inflows cross $2bn in less than 12 months

Cumulative deposit inflows under the Roshan Digital Account (RDA) have crossed $2 billion in less than 12 months, stated the central bank.

“Roshan Digital Account crosses the historical milestone of $2bn in deposits. A big thanks to Overseas Pakistanis for their overwhelming response to the RDA initiative,” said the State Bank of Pakistan in a tweet post.

The RDA, an initiative of the SBP in partnership with major banks operating in Pakistan, is aimed at facilitating Non Resident Pakistanis (NRPs) to invest in the country.

The RDA enables opening an account without requiring physical presence either in Pakistan or in any embassy or consulate. It has also facilitated NRPs in conducting banking, payment and investment activities in the country.

NRPs can invest in Naya Pakistan Certificates, the stock market, and real estate through RDA. Funds in these accounts can be fully repatriated without any prior approval from the SBP.

Overseas Pakistanis play a vital role in Pakistan's economy that continues to battle rising external debt and a high current account deficit in the shape of remittances, which reached a historic high of $29.4 billion during the last fiscal year.

Days ago, the SBP initiated the National Remittance Loyalty Programme (NRLP) for overseas Pakistanis that would eventually enhance the inflow of foreign currency into the country.

'National Remittance Loyalty Program' being launched to encourage overseas Pakistanis

Prime Minister of Pakistan Imran Khan approved NRLP in-principle and set the deadline for its formal launch as of October 01, 2021.

Under the NRLP various incentives/rewards will be offered to Overseas Pakistanis for sending remittances to Pakistan based on the point's accumulation structure.

An Android and iOS based Mobile App (both English & Urdu) has also been developed for this purpose by 1-Link whose development cost has been borne by the banks.