KARACHI: Roshan Digital Account (RDA), a banking solution for Non-Resident Pakistanis (NRPs), has fetched foreign inflows amounting to $2.4 billion by end of September 2021.
RDA is a new initiative of the State Bank of Pakistan (SBP), in partnership with major banks to facilitate the NRPS for banking services in Pakistan. The RDA was launched in September 2020 by Prime Minister Imran Khan.
RDA initiative has successfully completed its one year and the number of accounts and deposits under the RDA are continued to increase supported by an aggressive campaigning by the State Bank and banks.
According to the latest statistics released by SBP, overall, some $2.411 billion funds have been received under RDA initiative. This included $962 million investment in Naya Pakistan Certificates (conventional), $698 million Naya Pakistan Certificate (Islamic) and $25 million in Stock Market since September 2020.
In addition, so far, NRPs from over 175 countries have opened over 248,723 million RDA in different Pakistani Banks.
Roshan Digital Account is a landmark initiative of the State Bank which seamlessly connects the Pakistani diaspora to the Pakistani financial system and economy. For the first time, it allows overseas Pakistanis to open a bank account in Pakistan in a completely digital manner, without needing to visit any bank branch or embassy.
The account enables overseas Pakistanis to undertake all kinds of banking transactions in Pakistan, including paying school and utility bills for their families, funds transfer, e-commerce, car financing through Roshan Apni Car and making charitable donations through Roshan Samaaji Khidmat.
At the same time, the account provides exclusive investment opportunities in Naya Pakistan certificates offering attractive returns in both conventional and Shariah-compliant forms, as well as the Pakistani stock market and real estate.
Copyright Business Recorder, 2021