Pak expats remit $1.5 billion through RDA
ISLAMABAD: The State Bank of Pakistan (SBP) has announced inflows of deposits through Roshan Digital Account (RDA), an initiative of the government of Pakistan to increase overseas remitances, crossed $1.5 billion mark on Friday, with investment in Naya Pakistan certificates surpassing $1 billion.
RDA is a major initiative of the central bank in collaboration with commercial banks operating in Pakistan. These accounts provide banking solutions for millions of Non Resident Pakistanis (NRPS), including Non-resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan.
In a tweet, Prime Minister Imran Khan on Sunday expressed his satisfaction with the Roshan Digital Account achievement and posted an index of SBP showing cumulative inflows of deposit in the Roshan Digital Account, terming it good news.
He further said that accounts and deposits had set new records since $1 billion inflow was recorded two months ago.
The information was also shared during a webinar arranged by Dubai Islamic Bank Pakistan on the theme of “Banking Beyond Boundaries with Roshan Digital Accounts” in Islamabad.
The webinar was told that deposits in Roshan Digital Accounts have reached an impressive figure of $1.5 billion through 165,000 accounts opened in just 10 months by overseas Pakistanis to take advantage of the digital solutions offered under RDAS.
High Commissioner for Pakistan to Canada Raza Bashir Tarar described RDAS as a landmark achievement of the government in providing the overseas Pakistanis with excellent digital solutions to invest and participate in the growing economy and socio-economic development of the country.
During the webinar, the participants highlighted key features and benefits of RDA scheme for the expatriates to stay connected with Pakistan and meet their everyday and lifestyle banking requirements and investment aspirations to participate in Pakistan’s burgeoning economy.
In his keynote address, Tarar noted that Imran had been consistently emphasising the importance of overseas Pakistanis and their contribution to the economy of Pakistan as well as the vital role their remitances played in the economic development of Pakistan.