The deposited amount in Roshan Digital Accounts (RDA) from overseas Pakistanis has crossed the $800 million mark since its launch seven months ago.
The State Bank of Pakistan (SBP) announced this through its Twitter account, adding that in March 2021 alone, an inflow of $212 million has been registered.
A big thanks to our Overseas Pakistanis! #RoshanDigitalAccount deposits have crossed $800mn, after an inflow of $212mn in March. Inflows have been accelerating every month since the RDA launch in September 2020. To learn more about RDA, visit https://t.co/VFN8sp3BBY pic.twitter.com/GyNnATKilp
— SBP (@StateBank_Pak) April 1, 2021
Inflows have been accelerating every month since the RDA launch in September 2020, SBP said. Adding that the $806 million inflows came from over 100 countries in 110,000 accounts.
The Roshan Digital Account initiative was launched in September 2020 by the SBP in accordance with the Federal Government’s directives. Prime Minister Imran Khan inaugurated RDAs in September last year.
The Roshan Digital Account is a new initiative of the State Bank of Pakistan (SBP), in partnership with major banks in Pakistan to facilitate non-resident Pakistanis (NRPs) for banking services in Pakistan.
The Roshan Digital Account offers much higher returns on deposits than those in developed economies, which is working as a catalyst in attracting investments from millions of Pakistanis living abroad.
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NRPs can undertake banking, payment, and investment activities in Pakistan through these accounts, which are fully integrated with Pakistan’s banking and payments system. RDAs allow overseas Pakistanis to open an account in Pakistan without requiring physical presence either in Pakistan or in any embassy or consulate. This is the first time any such service has been offered to NRPs.
Funds in these accounts can also be fully repatriated without any prior approval from the SBP.
Additionally, these accounts provide the full range of banking services and investment opportunities in Pakistan to Pakistanis living across the world.
NRPs can also invest in Naya Pakistan Certificates, the stock market, and real estate through Roshan Digital Accounts.
