SBP Advises Banks to Integrate New Features in Mobile Apps for RDA Clients

The State Bank of Pakistan (SBP) has advised banks to complete the development of their Mobile Applications that incorporates several new features pertaining to the Roshan Digital Account (RDA) within three months.

The new changes have been recommended with reference to the PSD Circular No. 05 dated 9 September 2020, regarding the Service Standards for Roshan Digital Accounts for Non-Resident Pakistanis (NRPs), in terms of which RDA participating banks were advised to provide customers an exceptional and seamless digital experience via their web portals, mobile apps, and other digital channels.

The SBP has asked for the inclusion of the following minimum features:

1. Full-fledged account opening facility for all types of RDA accounts and customer segments that the bank is offering.
2. Investment in NPCs (both conventional & Islamic).
3. Requests for redemption/encashment of NPCs.
4. Requests for repatriation of funds from the RDA.
5. Fund transfer services including interbank fund transfers via Raast and other platforms.
6. Bill payment services, including utility and 1Bill payments.
7. Online application/request and related processes for various RDA products, including Roshan Apni Car and
8. Roshan Apna Ghar, showing the updated status of the application.
9. Online access to Roshan Samaaji Khidmat services.
10. The option to Invest in Roshan Equity and the bank’s own products, if available and offered.
11. An online option for a currency conversion transaction, with live visibility of exchange rate.
12. Online requests for cheque books, debit cards, credit cards (if offered), etc.
13. Request for account statements, withholding tax certificates, account maintenance certificates, etc.
14. Instant confirmation of transactional activity.
15. Complaint lodging and its resolution status.
16. A live chat option and any other option that will facilitate RDA customers.

The SBP has stated that the options for investments in Mutual Funds, Insurance, and Government Securities, such as Treasury Bills (T-Bills), Pakistan Investment Bonds (PIBs), etc. will also be offered to customers when available.

Lastly, the central bank has urged all the banks to ensure compliance with all other relevant instructions on mobile applications’ operations and security, etc. issued from time to time. In case the banks are offering services that redirect the banks’ customers to a third-party interface, the banks will mandatorily conduct third-party security assessments of the mobile apps and the channels providing connectivity to such interfaces.