Roshan Digital Accounts To Be Further Improved: SBP.

ISLAMABAD -- The State Bank of Pakistan has said that Roshan Digital Accounts (RDA) would be further improved, as the central bank would introduce more services and products under RDA.

The SBP would introduce new services and products under RDA. The SBP would launch insurance product with the help of banks and it is working on pension plan. The central bank would also open RDA like accounts for the entities, which are owned by Non Resident Pakistanis (NRPs). The SBP would further improve the RDA services under RDA 2.0. 'It (RDA) is a permanent feature and regulator is here to support this,' said Syed Ali Raza, Senior Joint Director, digital, innovation and settlement department of the State Bank of Pakistan, in SBP podcast. He rejected the rumors about withdrawal of money from the RDA after change in government in April this year. The RDA initiative was rolled out in September 2020 allowing NRPs access to the Pakistani financial market. IT was further augmented by investment and consumer products such as Naya Pakistan Certificate, Roshan Apni Car etc. on attractive rates. As of June 2022, approx. 429,364 Roshan Digital Accounts have been opened with an inflow of $4.6b out of which $2.9b were invested in NPC.

The official informed that 65 percent ($2.987 billion) of the RDA inflow investment is in Naya Pakistan Certificates. Meanwhile, $40 million investment is made in stock exchange and remaining has invested in properties and purchase of cars. As many as 1550 Non Resident Pakistanis (NRPs) have purchased cars for their families under 'Roshan Apni Car' scheme. Naya Pakistan Certificates are especially offered by the government to the expatriates at a very attractive rate of return from 5-7 percent in US dollar, which is one best in the world. He informed that there is no proposal to change the rate of return in dollar. However, the government might change the rate in Pakistani rupee, which is currently 11 percent. He informed that out of total inflows, some $800 million have been repatriated by RDA holders in the last 22 months since the start of RDA in Sep 2020 to meet their personal needs in their countries of residence. He informed that commercial banks operating in Pakistan are working with the State Bank of...