The Ministry of Foreign Affairs of Pakistan has started a new Era of Banking in the country with the Roshan Digital Account service. State Bank of Pakistan announced a new initiative that will make it easier for NRPs to find banking solutions in Pakistan. It is a dream initiative for the Non-Resident Pakistanis who are looking for investment, payment and banking options in Pakistan but weren’t able to do so before.
After many meetings and administrated measures taken by Prime Minister Imran Khan and Foreign Affairs Minister Shah Mehmood Qureshi with the affiliated parties, the government has finally come up with an initiative that the general public is happy with.
Details of this New Initiative
The government directed the State Bank of Pakistan to initiate the much-awaited Roshan Digital Account services to overseas Pakistanis on 22nd of August. Thanks to this facility, overseas Pakistanis will be capable opening legal accounts in Pakistani banks.
They are free to make remittances, pay bills and make investments in Pakistan with their digital account in any of the affiliated banks that are offering these accounts to their customers.
Imran Khan, Prime Minister of Pakistan said that the inauguration ceremony of the event that overseas Pakistanis are a valuable asset of the country, which is why the government has decided to prioritize them and give them facilities that will help the NRPs and contribute to the development of Pakistan at the same time.
Special Assistant Zulfi Bukhari said at the event that the Roshan Digital Account project will become operational and available to all Non-Resident Pakistanis from 4th September, 2020. He also said that Prime Minister wants to make overseas Pakistanis an integral pat of Pakistan and make them a necessary stakeholder in the development of Pakistan.
Hi Overseas Pakistanis! Tried Roshan Digital Account yet? Share your feedback(comments/video) under this tweet!
— Ministry of Overseas Pakistanis & HRD 🇵🇰 (@mophrd) September 5, 2020
A digital banking option has always been high on the demand list of Non-resident Pakistanis. This is the first time in the history of Pakistan that such a service is being provided to Non-resident Pakistanis.
Features of Roshan Digital Account
The Roshan Digital Account will offer all conventional account services to the NRPs including Bill Payment, Funds Transfer, E-commerce and more. The None-resident Pakistanis will be able to invest in specially designed savings instruments such as Naya Pakistan certificates. Such facilities will be available in Pakistani rupee as well USD while keeping the Sharia-compliant form in mind.
#SBP to launch Roshan Digital Accounts #RDA for overseas #Pakistanis soon. RDA can be opened from anywhere in the world and the funds in these accounts are fully repatriable. For details: https://t.co/O51Pqo2j1u pic.twitter.com/aatlRsMZ0k
— SBP (@StateBank_Pak) September 3, 2020
Other than that, the Non-resident Pakistanis will be able to invest in fixed deposit products, invest in Pakistan’s stock market, make transactions related to real estate and get a credit or debit card that can be used both in Pakistan and overseas as well.
Banks Offering Roshan Digital Account
The following banks are offering Roshan Digital Account to Non-resident Pakistanis:
- Samba Bank Limited
- Habib Bank Limited
- Muslim Commercial Bank
- Meezan Bank
- Bank Alfalah
- Standard Chartered Bank
- Faysal Bank
Who Can Open a Roshan Digital Account?
According to the State Bank of Pakistan, any Non-resident Pakistani can open a foreign currency or local currency account without coming to Pakistan. All the candidate needs is a National Identity Card for Overseas Pakistanis and some basic information that they can provide online at the time of opening the account.