Roshan Digital Burgeoning With Accounts From 100 Countries
Deposits have reached US $671 million with half of these coming in last eight weeks alone, says SBP
Roshan Digital Account (RDA), gaining strength since its launch last year with the purpose to attract foreign investments in Pakistan, has crossed 100,000 accounts benchmark and attracted $671million in less than seven months, as shared by State Bank of Pakistan (SBP).
The details shared by central bank stated the accounts opened up by overseas Pakistanis are from 100 countries that indicate growing outreach of RDA.
#RoshanDigitalAccount has just crossed 100,000 accounts! They have been opened from over 100 countries around the world. Deposits have reached $671mn, with ½ of these coming in the last 8 weeks alone. To learn more about RDA visit https://t.co/vOxEvdpNTP pic.twitter.com/iJrEWm9Yx3
— SBP (@StateBank_Pak) March 12, 2021
“Deposits have reached $671 million, with half of these coming in the last 8 weeks alone”, maintained SBP.
Inaugurated by Prime Minister Imran Khan last year in September, the Roshan Digital Account program was a joint venture of SBP and federal government in collaboration with commercial banks of Pakistan.
Initially, the project kicked-off with the collaboration of eight banks but later, several other banks joined the initiative too.
Through this project, non-resident Pakistanis (NRPs) have been enabled to remotely open bank accounts in their country of origin through online digital portals.
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RDA provides a variety of services to the account holders including bill payments, Naya Pakistan Certificates, access to stock trading, and funds that can be repatriated through accounts.
The government’s initiative to attract foreign investments has seen an overwhelming response from Pakistanis living abroad.
The surge in remittances reflects the confidence of Pakistani migrants in the initiatives taken by the incumbent government to legalize channels of transactions.
