ISLAMABAD:The number of accounts registered under Roshan Digital Accounts (RDA) has surpassed the 500,0000 mark in just over two years, according to recent data released by the State Bank of Pakistan (SBP).
The inflow of remittances under Roshan Digital Account (RDA) also rose to US $5.436 billion by the end of November 2022 as compared to US $5.295 billion by the end of October, the data released by the Central Bank said.
The data showed that the inflows of remittances during the month of November were recorded at $141 million as compared to $146 million in October and $168 million in September 2022.
Roshan Digital Account (RDA) was launched by the State Bank of Pakistan in collaboration with commercial banks operating in the country.
These accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan.
As per data, expatriate Pakistanis from 175 countries had deposited funds to over 500,000 accounts opened through RDA.
The number of accounts has also increased from 485,873 in October to 500,000 in November 2022, which means some 14,127 new accounts were opened in the month under review.
The scheme that started in September 2020 received a lukewarm response from overseas Pakistanis who deposited only $7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached $40 million in October 2020 and $110 million in the subsequent month.
The data showed that in Naya Pakistan Certificates, the Overseas Pakistanis invested $1.75 billion under conventional while $1.68 billion under Islamic banking.
Similarly, $47 million were invested in the stock exchange compared to $43 million by end of November 2022.