RDA inflows surpass $9bn mark

By MG News | Category Economy | November 09, 2024 at 12:30 PM GMT+05:00

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November 09, 2024 (MLN): The total cumulative inflows into Roshan Digital Accounts (RDA) have surpassed the $9 billion mark as of November 07, 2024.

It is crucial to note that as of the end of September, the total cumulative inflows into RDA stood at $8.749bn.

This means that RDA has attracted over $256 million inflows in a little over a month.

Cumulatively in fiscal year 2024-25, total amount received stood at $750m.

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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