MBL receives $1.5bn under RDA

KARACHI: Meezan Bank Limited (MBL) has surpassed $1.5 billion in deposit inflows under Roshan Digital Account (RDA), a statement said on Friday.

RDA was launched by the State Bank of Pakistan in collaboration with various banks across the country, with an aim to offer innovative banking solutions to non-resident Pakistanis who are interested in accessing banking and investment services in Pakistan.

Since the inception of RDA in September 2020, Meezan Bank has been playing an active role in supporting the initiative, with an aim of promoting financial inclusion and propelling the country's overall economic development.

With over 88,000 accounts from 144 countries, the bank’s record deposit inflows reaffirm its position as the top performer in RDA in the industry, sustaining a market share of around twenty-five percent.

Ijaz Farooq, group head retail banking, commercial, SME and agri finance, Meezan Bank said, “Meezan Bank has been steadfast in its support for the RDA initiative and in attracting foreign currency inflows to the country. Today, as we cross the $1.5 billion deposit inflows, we express our gratitude to our overseas customers for their continuous patronage and trust in our services.”