KARACHI: The Governor State Bank of Pakistan (SBP) Dr Reza Baqir elaborated that initiatives of Roshan Digital Account (RDA) and Naya Pakistan Certificates (NPCs) will help the country not only in attracting investment by non-resident Pakistanis (NRPs) but will also become a more consistent, reliable and long-term source of foreign exchange flows in the country.
He disclosed that RDA has so far received more than $480 million from around 97 countries around the globe and over $300 million have been invested in NPCs. Governor SBP said that the outcome of the RDA initiative so far has been very promising, with the number of accounts and amounts remitted and investment growing every day.
He was speaking at the launching ceremony of Roshan Digital Account by Habib Metropolitan Bank Limited at a local hotel here on Friday.
Habib Metropolitan Bank Limited has joined the Roshan Digital Account (RDA) initiative of the State Bank of Pakistan.
Roshan Digital Accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs) and Resident Pakistanis (RPs) with declared offshore assets, who need a secure and convenient facility, to undertake banking-payments, fund-transfers and investment activities in Pakistan, remotely, from abroad. The RDA program is available for both Conventional and Islamic Banking customers around the world. NRPs can open the Roshan Digital Account, digitally, anytime and from anywhere, while RPs can visit a designated Habib Metropolitan Bank near them.
The Governor SBP lauded the swift efforts of Habib Metroplitan Bank in joining the group of banks who are offering the Roshan Digital Account and hoped that more banks would follow suit and become part of the fast evolving digital financial ecosystem of the country. Extolling the contribution of Overseas Pakistanis, he said that NRPs are continually increasing remittances through RDA. He said SBP, together with the Government of Pakistan, is working on innovative initiatives to provide attractive avenues of investment and saving for Overseas Pakistanis. He said RDA provides a full range of banking services and exciting investment opportunities to the Pakistani diaspora, including Naya Pakistan Certificates issued by the government, as well as the stock market and real estate.
Speaking at the launch event, President and Chief Executive Officer of Habib Metropolitan Bank Mohsin Ali Nathani said Habib Metropolitan Bank and Habib Bank AG Zurich are committed to serving the customers regardless of where they are in the world. “With the Roshan Digital Account, Habib Metropolitan Bank aims to facilitate non-resident Pakistanis, and resident Pakistanis with declared assets abroad, in banking with us anytime and from anywhere in the world, conveniently and remotely,” he said. They can use the RDA program to invest in attractive opportunities while contributing to the progress and development of their homeland, he added. “We believe that the RDA will prove to be a game-changer for Pakistan, as it will give tremendous impetus to the national economy,” he said.
Habib Metropolitan Bank has also engaged Jahangir Khan – the longest reigning world champion of Squash - as the ambassador for its RDA program who said that he decided to become one of the founding account-holders and ambassador of the Habib Metropolitan Bank Roshan Digital Account, simply because he thoroughly enjoyed his 40 years’ banking relationship with Habib Metropolitan Bank and Habib Bank AG Zurich.
The Habib Metropolitan Bank Roshan Digital Account offers digital account opening and banking to its customers, along with a wide range of investment opportunities with various tenors and attractive returns. NRPs and RPs can repatriate funds freely, while investing in Pakistan (in PKR and USD) through the Naya Pakistan/Islamic Naya Pakistan Investment Certificates and the Stock Exchange.
Former Governors of SBP Dr Ishrat Hussain and Dr Shamshad Akhtar, Deputy Governor SBP Dr Murtaza Syed and Chairman Arif Habib Group Arif Habib also spoke on this occasion and congratulated Habib Metropolitan Bank for joining the Roshan Digital Account initiative of State Bank of Pakistan.
They said that Non-Residents Pakistanis and Residents can now repatriate their funds freely. They said more bank are expected to join this initiative.
Copyright Business Recorder, 2021