The State Bank of Pakistan (SBP) is launching two new initiatives under Roshan Digital Account (RDA) scheme, Roshan Apni Car and Roshan Samaaji Khidmat.
This was revealed by PTI Senator Faisal Javed Khan through his Twitter page on Tuesday. He wrote that it is “Great News for our Overseas [Pakistanis] … as we celebrate RDA reaching USD 1 Billion mark.”
Great News for our Overseas as @StateBank_Pak is launching 2 new initiatives under #RoshanDigitalAccount scheme:
1. Roshan Apni Car & 2.Roshan Samaaji Khidmat as we celebrate RDA reaching USD 1 Billion mark. PM Imran Khan ll be addressing overseas Pakistanis on Thurs at 11AM PST
— Faisal Javed Khan (@FaisalJavedKhan) April 27, 2021
He also announced that Prime Minister Imran Khan would address the overseas Pakistanis on Thursday.
On Saturday (April 24), the PM had announced through his Twitter that overseas Pakistanis have deposited funds of more than $1 billion in the Roshan Digital Account.
He also thanked overseas Pakistanis for their “overwhelming response,” and appreciated the central bank and commercial banks for achieving the “significant milestone in such a short period.”
Faisal also noted that since the launch of RDAs on September 10, 2020, more than 120,000 accounts have been opened and more than $1 billion have been brought in these accounts as foreign remittances.
Overseas Pakistan from various countries deposit funds on the account of remittances and investments in the specialized certificates.
Initially, there are eight banks that were allowed to provide the services but now more banks are entitled to provide the service of RDA to overseas Pakistanis.
Banks received inflows in RDA accounts from Gulf countries, USA, and the UK.
The Roshan Digital Account was launched by the PTI government last year, to enable overseas Pakistanis to operate digital accounts in their motherland while sitting abroad.
The aim was to attract investment from the diaspora to bolster foreign exchange reserves from this initiative.
The Prime Minister’s Office said that the initiative by the central bank will work with commercial banks operating in Pakistan.
“The customer can choose either foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval,” the statement read.