RDA inflows reach $3.92bn

ISLAMABAD: Inflow of remittances under Roshan Digital Account (RDA) rose to $3.92 billion by end of March 2022, as compared to $3.632 billion till last month, State Bank of Pakistan (SBP) data showed on Monday.

The data showed RDA inflows during March were recorded at $290 million, as compared to $250 million in February, and $222 million in January, 2022. RDA was launched by SBP in collaboration with commercial banks operating in the country.

The accounts provide innovative banking solutions to millions of Non-Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment, and investment activities in the country.

As per the data, expatriate Pakistanis from 175 countries had deposited funds to 388,494 accounts opened through RDA. The number of accounts has been increased from 365,182 in February to 388,494 in March 2022, which means some 23,312 new accounts were opened in March. Started in September 2020, the scheme received lukewarm response from overseas Pakistanis who deposited only $7 million in the opening month. However, the interest kept on increasing with the passage of time as the inflows reached to $40 million in October 2020 and $110 million in the subsequent month.