RDA inflows reach $5 billion mark in 24 months

RDA inflows reach $5 billion mark in 24 months. Inflow of remittances under Roshan Digital Account (RDA) rose to US $4.981 billion by the end of August 2022 as compared to US $4.794 billion till end of July, according to a latest data released by the State Bank of Pakistan.

The data showed that the inflows of remittances during the month of August were recorded at $187 million as compared to $188 million in July and $250 million in June, 2022.

Roshan Digital Account (RDA) was launched by 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, and seeking to undertake banking, payment and investment activities in Pakistan.

As per data, expatriate Pakistanis from 175 countries had deposited the funds to 456,732 accounts opened through RDA.

The number of accounts has also been increased from 441,344 in July to 456,732 in August 2022, which means some 15,388 new accounts were opened in August.

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The scheme that started in September 2020 received lukewarm response from the 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 to $40 million in October 2020 and $110 million in the subsequent month.

The State Bank of Pakistan Spokesperson said on his official twitter handle “Today marks yet another historic day in Roshan Digital Account as the total deposits have crossed $5bn. We thank our Overseas Pakistanis for their continuous trust in making SBP’s Roshan Digital Account a huge success.