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For the first time in Pakistan’s history, nearly nine million Non-Resident Pakistanis (NRPs) have been provided an opportunity to remotely open accounts in Pakistan’s eight major banks through an entirely digital process without the need to visit a bank.
Pakistan’s Prime Minister Imran Khan recently inaugurated the project, which is a major initiative of State Bank of Pakistan in collaboration with commercial banks operating in Pakistan. “Roshan Digital Account (RDA) is a big step for Pakistani expatriates to participate in nation-building,” said the premier during the launching ceremony of RDA in Islamabad.
Opening the account requires only a basic set of information and documents such as Computerised National Identity Card (CNIC), National Identity Card for Overseas Pakistanis (NICOP) or Pakistan Origin Card (POC). Applicants also need to provide copy of Pakistani or foreign passport, proof of non-resident status, profession, and source of income. NRPs can open RDA account in Bank Al Falah, Faysal Bank, Habib Bank Ltd, Muslim Commercial Bank, Meezan Bank, Samba Bank, Standard Chartered and United Bank Ltd.
Banks have been asked to complete all necessary procedures within 48 hours after completion of documentation and formalities.
The RDA fully integrates the Pakistani diaspora with Pakistan’s banking and payment system by providing digital access to all conventional account services including funds transfer, bills and fee payments and e-commerce.
Besides allowing investment in Pakistan’s stock market, the RDA also enables investment by NRPs in Naya Pakistan Certificates (NPCs) issued by the Government of Pakistan, in both USD and PKR, at very attractive, risk-free rates and in both conventional and Shariah-compliant forms.
The customer can choose either a foreign currency or rupee-denominated account, or both. For NRPs, these accounts would be interoperable and enable real-time online conversion from foreign currency to Pakistani Rupees and vice versa.
Funds in these accounts will be fully repatriable, without the need for any approval of any regulatory body.
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18/11/2020
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