KARACHI: The newly-launched Roshan Digital Account, a banking solution for Non-Resident Pakistanis (NRPs), has crossed 100,000 during six months. The Roshan Digital Account was launched in September 2020 by Prime Minister Imran Khan. The Roshan Digital Account is a new initiative of the State Bank of Pakistan (SBP), in partnership with major banks in Pakistan to facilitate the NRPs for banking services in Pakistan.

The State Bank on Friday revealed that NRPs from over 100 countries have so far opened some 100,000 Roshan Digital Accounts. The deposited amount in Roshan Digital Accounts is also increasing, reaching $671 million in March 2021. Out of arrived deposits, half of these were arrived during the last two months. Around 66 percent of investment was made in Naya Pakistan Certificates launched by the federal government to attract foreign investment.

Meezan Bank has been recognized for generating highest amount of funds in Roshan Digital Account and highest investment in Islamic Naya Pakistan Certificates. In addition, UBL has been recognized for opening the highest number of RDA. Overall UBL has opened over 20,000 Roshan Digital Account.

With the support of the SBP, the banks are aggressively working for opening of new Roshan Digital Accounts. Banks are conducting a series of webinars in collaboration with Pakistani missions abroad to promote awareness on Roshan Digital Account.

The Roshan Digital Account is for NRPs, who are 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.

Copyright Business Recorder, 2021