Roshan Digital Account Scheme: SBP to launch Roshan Apni Car and Roshan Samaaji Khidmat Initiatives

Shamraiz KhalidWeb Editor

27th Apr, 2021. 08:50 pm
Roshan Digital Account Scheme

State Bank of Pakistan plans to launch Roshan Apni Car and Roshan Samaaji Khidmat under the Roshan Digital Account (RDA) scheme.

PTI Senator Faisal Javed Khan broke the news through his Twitter page on Tuesday. The senator stated that, ““Great News for our Overseas [Pakistanis] … as we celebrate RDA reaching USD 1 Billion mark.”

He also announced that Prime Minister Imran Khan will address the overseas Pakistanis on Thursday. On Saturday (April 24), the PM on Twitter thanked overseas Pakistanis for depositing $1 billion in the RDA. He also appreciated the overseas Pakistanis for their “overwhelming response”, and acknowledged the central bank as well as commercial banks for achieving the “significant milestone in such a short period.”

Faisal also stated that since the launch of the RDA scheme on September 10, 2020, more than 120,000 accounts have been opened and more than $1 billion have been brought in these accounts as foreign remittances.

Overseas Pakistanis situated in various countries deposit funds in these accounts as remittances and investments in special certificates. Initially, only eight banks were given permission to provide the services however, more banks are now allowed to provide RDA service to overseas Pakistanis.

The inflows in the RDA scheme were received by banks from Gulf countries, USA and the UK. The Roshan Digital Account scheme was launched by the PTI government last year to enable overseas Pakistanis to operate digital accounts in their motherland while abroad.

The aim of the scheme was attract investment from Pakistani Diasporas to bolster the foreign exchange reserves of the country. State Bank was directed to work with the commercial banks in Pakistan to make the initiative successful.

“The customer can choose either foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval,” the statement read.

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