No cap on sending amounts in Roshan Digital Account: Baqir

LONDON: State Bank of Pakistan (SBP) Governor Reza Baqir on Thursday said the Roshan Digital Account gives the Pakistani diaspora “complete freedom to remit any amount, any time without any permission” as he spoke at a webinar organized by the Pakistan High Commission London.

According to a statement, Baqir said the RDA initiative of the government of Pakistan aims at connecting the diaspora with Pakistan financially by facilitating their remittances.

Highlighting the unique features of RDA, the SBP governor said: “It offers flexibility in regulation without compromising on the standards and allows complete freedom to remit any amount, any time without any permission.” Baqir also said the SBP plans to introduce more such initiatives to facilitate overseas Pakistanis.

Speaking on the occasion, Governor State Bank of Pakistan said the RDA initiative of the Government of Pakistan aims at connecting the diaspora with Pakistan financially by facilitating their remittances. Speaking about the unique features of RDA, he said it offers flexibility in regulation without compromising on the standards and allows complete freedom to remit any amount, any time without any permission. He shared with the participants that the State Bank of Pakistan plans to introduce more such initiatives to facilitate the overseas Pakistanis.

The webinar was addressed by Baqir, High Commissioner Moazzam Ahmad Khan and Deputy Governor SBP Dr Murtaza Syed. About 100 participants, including British MPs, bankers, chief executives, financial experts, business people and members of the diaspora attended the event virtually and the subsequent Q&A session. Shehzad Shafiq, Minister Trade moderated the webinar.

In his remarks, the High Commissioner termed Roshan Digital Account a remarkable initiative which not only fulfils a long overdue demand of the overseas Pakistanis but it would also go a long way in attracting remittances and investment to Pakistan. He noted that the initiative would integrate the Pakistani diaspora into the Pakistani banking and digital payments system by providing a full range of banking services.

Under RDA, State Bank of Pakistan is collaborating with eight commercial banks operating in Pakistan in which overseas Pakistan can open their accounts. All relevant information is accessible on State Bank of Pakistan’s website: https://www.sbp.org.pk/RDA/index.html.