RDA inflows increase to $1.25bn.

KARACHI -- Pakistan has received $1.25 billion in Roshan Digital Accounts (RDA) since its beginning in September 2020 while the inflow has been increasing faster than the initial first quarter.

The State Bank of Pakistan (SBP) confirmed on Friday that the total inflows in RDA has reached $1.250bn and said the inflow has increased after achieving the $1bn mark. The inflow during the first seven months (September-April) was $1bn while May received $250m reflecting the increasing inflow.

The financial sector believes the country could receive up to $1bn in the next four months provided the inflow continues with the same pace.

The RDA crossed $500m in five months since September which was widely appreciated by the prime minister.

The RDA was launched for Non-Resident Pakistanis (NRPs) to enable them to remotely open bank accounts in Pakistan through online digital portals without physically visiting branches.

Using their RDAs, NRPs can now avail digital banking facilities, including access to online banking, domestic funds transfer, utility bills and tuition fee payment in Pakistan, as well as investments in government bills, stock exchange, and real estate sector with option of full repatriation.

It was a major initiative of SBP in collaboration with commercial banks operating in Pakistan. The main purpose of...