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:
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.