RDA Inflows surge to $3.92 bn in March
Inflow of remittances under Roshan Digital Account (RDA) rose to US $3.92 billion by the end of March 2022 as compared to US $3.632 billion till end of February last year, according to a latest data released by the State Bank of Pakistan.
The data showed that the inflows of remittances during the month of March were recorded at $290 million as compared to $250 million in February and $222 million in January, 2021.
Roshan Digital Account (RDA) was launched by State Bank of Pakistan in collaboration with commercial banks operating in the country.
Thanks to our Overseas Pakistanis, #RoshanDigitalAccount had one of its best months ever in March, with deposits of $290mn & 23,312 new accts. Since its launch, #RDA has gone from strength 2 strength, w/ total deposits surging to $3.92bn & 388,494 accts opened from 175 countries. pic.twitter.com/WYjUiRdCUt
— SBP (@StateBank_Pak) April 1, 2022
These 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 Pakistan.
As per data, expatriate Pakistanis from 175 countries had deposited the funds to 388,494 accounts opened through RDA.
The number of accounts has also been increased from 365,182 in February to 388,494 in March 2022, which means some 23,312 new accounts were opened in March.
The scheme that started in September 2020 received a 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.