ISLAMABAD: Pakistani foreign exchange inflows through Roshan Digital Accounts (RDA), a banking initiative launched for overseas Pakistanis last year, has crossed $2 billion, the central bank said.
Prime Minister Imran Khan inaugurated the RDA service in September as part of a joint effort by the State Bank of Pakistan (SBP), the government, and eight commercial banks to “integrate overseas Pakistanis with the country’s banking system.”
“As Pakistanis all over the world celebrated country’s Independence Day, #RoshanDigitalAccount crosses the historical milestone of $2bn in deposits,” the central bank said on Twitter, thanking overseas Pakistanis for their overwhelming response to the Roshan Digital Accounts initiative.
As Pakistanis all over the world celebrated country’s Independence Day, #RoshanDigitalAccount crosses the historical milestone of $2bn in deposits. A big thanks to Overseas Pakistanis for their overwhelming response to the RDA initiative. https://t.co/HdkFj9DQHP pic.twitter.com/8nxNCZPXko
— SBP (@StateBank_Pak) August 15, 2021
The RDA provides access to all conventional account services, including funds transfers, online billing, e-commerce and other payments in Pakistan.
For the first time in Pakistan’s history, the RDA provided Non-Resident Pakistanis (NRPs) an opportunity to remotely open an account in Pakistan without visiting a bank. It also allows users to invest in the stock market and fixed deposit products offered by banks, with the added advantage of debit and virtual debit cards for domestic and overseas use.
“These accounts provide innovative banking solutions for millions of NRPs, including Non-Resident Pakistan Origin Card [POC] holders, seeking to undertake banking, payment and investment activities in Pakistan,” the SBP says on its website, quoting Governor Reza Baqir.