PM Imran shares more good news about Roshan Digital Accounts

Says inflows in govt's Roshan Digital Account cross $1.5 billion: Investment in Naya Pakistan Certificates surpasses $1 billion

By: News Desk      Published: 10:29 AM, 27 Jun, 2021
PM Imran shares more good news about Roshan Digital Accounts
File photo.

Prime Minister Imran Khan has said that the inflows in the government's Roshan Digital Account scheme have made another record as these have crossed $1.5 billion on Friday.

In a tweet uploaded on Sunday, Imran Khan said: "Good news from SBP. #RoshanDigitalAccount achieves more milestones." 

He added, "Inflows crossed $1.5 billion on Friday, with investment in Naya Pakistan Certificates surpassing $1 billion." The premier maintained, "The accounts & deposits have set new records since the $1 billion event 2 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 on Saturday.

The webinar was told that deposits in Roshan Digital Accounts (RDAs) 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 expatriate Pakistanis 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, High Commissioner Raza Bashir Tarar noted that Prime Minister Imran Khan had been consistently emphasizing the importance of overseas Pakistanis and their contribution to the economy of Pakistan as well as the vital role their remittances played in the economic development of Pakistan.

He lauded the overseas Pakistanis for helping reach Pakistan to an impressive figure of being the sixth largest receiver of foreign remittances. He said the RDA scheme was an excellent way of further optimising the potential of overseas Pakistanis and an unprecedented response to the scheme spoke volume for the trust reposed by overseas Pakistanis in the economic policies of the government.

The High Commissioner described the RDAs as a tailor-made financial solution designed to facilitate non-resident Pakistanis in remitting their money to Pakistan and the growth of potential was immense in view of nine million Pakistanis residing abroad.

He paid rich tributes to the State Bank of Pakistan and other Pakistan banks participating in the Roshan Digital Accounts initiative which was a leap forward in terms of connectivity and the optimum use of IT.

Raza Bashir Tarar said the RDAs were a reflection of the quality and strength of Pakistan’s banking system and its trustworthiness and it was evident by a great number of accounts that had been opened and a very large sum deposited along with investments in Naya Pakistan Certificate reaching US $770 million.

He also lauded the launch of new products such as Roshan Apni Car Scheme and the Roshan SamajiKhidmat for the overseas Pakistanis.

Earlier, Shahid Ahmed Khan, Honourary Consul General of Pakistan in Boston, Junaid Ahmed, President and CEO of Dubai Islamic Bank Pakistan, Sajid Salman President TCF Canada, SofyanYusufi, GPS Market Offering Leader and Deloitte Risk and Financial Advisory USA and Saleem Aslam, Country Head Pakistan ACCA also addressed the webinar.

The Roshan Digital Account was launched in September 2020 by Prime Minister Imran Khan. The scheme is a new initiative of the State Bank of Pakistan (SBP), in partnership with major banks in the country to facilitate the non-resident Pakistanis banking services in Pakistan.

The Roshan Digital Account is for NRPs seeking to undertake banking, payment, and investment activities in Pakistan. Through this account, they will be fully integrated with Pakistan’s banking and payments system.

For the first time in the country’s history, NRPs will be able to open an account in Pakistan without requiring physical presence either in Pakistan or in any embassy or consulate.

This account provided them access to a full range of banking services and exciting investment opportunities in Pakistan from wherever they live.

NRPs can invest in Naya Pakistan Certificates, stock market, and real estate through Roshan Digital Accounts. Funds in these accounts can be fully repatriated without any prior approval from the SBP.