RDA inflows rose to $3.16 billion in December

ISLAMABAD, January 18: The inflows under Roshan Digital Account rose to $3.16 billion by the end of December 2021 compared to $2.916 billion till end of November last year, according to a latest data released by the State Bank of Pakistan. The data shows that the inflows during the month of December were recorded at $244 million compared to $239 million in November and $266 million in October this year. Roshan Digital Account (RDA) was launched by State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan. These accounts provide innovative banking solutions for millions of Non Resident Pakistanis (NRPs), including Non-Resident Pakistan Origin Card (POC) holders, seeking to undertake banking, payment and investment activities in Pakistan. As per data, expatriate Pakistanis from 175 countries had deposited the funds to 322,463 accounts opened through RDA. The number of accounts has also been increased from 299,676 in November 2021 to 322,463 in December which means some 22,787 new accounts were opened in December last. The scheme that started in September 2020 received lukewarm response from the overseas Pakistanis who deposited only $7 million in the opening month, however with the passage of time the interest kept on increasing as the inflow reached to $40 million in October 2020 and $110 million in the subsequent month. TLTP