RDA inflows surpass $8bn mark as of May 24, 2024

MG News | May 24, 2024 at 08:22 PM GMT+05:00

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May 24, 2024 (MLN): The total cumulative inflows into Roshan Digital Accounts (RDA) have surpassed the $8 billion mark as of May 24, 2024.

It is crucial to note that as of the previous month (April), the total cumulative inflows into RDA stood at $7.83bn.

This means that RDA has attracted over $169m in inflows this month, with a week still remaining.

Cumulatively in fiscal year 2023-24, total amount received stood at around $1.65bn.

RDA is a major initiative of the central bank, in collaboration with commercial banks operating in Pakistan.

These accounts provide innovative banking solutions for millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in Pakistan.

SBP has made it possible to allow overseas Pakistanis to open an account in a Pakistani bank completely digitally in a presenceless manner and without needing to visit any bank, any embassy, or consulate.

The account opening process requires only basic information and documents, with banks instructed to complete all necessary customer due diligence within 48 hours.

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