More than 100,000 Overseas Pakistanis have created accounts on the Roshan Digital Account (RDA), attracting almost $671 million, the State Bank of Pakistan (SBP) has announced.
As per details, overseas Pakistanis from almost 100 countries have opened accounts which indicates the increasing reach of the RDA, helping the government and the central bank to improve the external account of the country.
Overseas Pakistanis have been providing large amounts of foreign exchange in terms of remittances and now the RDA has attracted $671m. At the same time, long-term domestic Pakistan Investment Bonds attracted $150m foreign investment over the past four months.
The State Bank said that half of the total deposits of $671m came over the last eight weeks, reflecting the growing interest of Pakistanis abroad.
The purpose of the RDA is to attract millions of Pakistanis living abroad by giving them high returns on deposits in comparison to developed economies. Besides, they can also remotely open bank accounts in Pakistan through online digital portals without physically visiting branches.
Non-resident Pakistanis (NRP) can now avail digital banking facilities, including access to online banking, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in the stock exchange and real estate with an option of full repatriation.
On September 10, 2020, Prime Minister (PM) Imran Khan inaugurated the project and appreciated the joint venture between the federal government, SBP and commercial banks operating in Pakistan.