ISLAMABAD (ANN News) – Prime Minister Imran Khan will inaugurate Roshan Digital Account project today (Thursday) for overseas Pakistanis to provide innovative banking solutions to millions of non-resident Pakistanis (NRPs) seeking to undertake fund transfers, bill payments and investment activities in Pakistan.
According to sources, Roshan Digital Account is being launched in collaboration with eight major banks of the country. The initiative would enable the overseas Pakistanis to open accounts in any bank of the country easily.
Eight Pakistani banks will facilitate the Roshan Digital Accounts and allow overseas Pakistanis to deposit funds in either US dollars or Pakistani rupees.
After launch of the project, the expatriates would have to submit their documents online for opening a new bank account. Under the initiative, they would get multiple facilities including funds transfer, e-commerce, bill payment and others. It would enable the overseas Pakistanis in making direct investment in real estate sector and stock exchange.
According to a press release of PM Office Media Wing, it would be a major initiative by the State Bank of Pakistan, together with commercial banks operating in Pakistan.
“For the first time in the country’s history, NRPs will be able to remotely open an account through an entirely digital and online process without any need to visit a bank branch, embassy or consulate,” it added.
Opening the Roshan Digital Account will require a basic set of information and documents, and only take 48 hours once all documents are complete.
The customer can choose either a foreign currency or rupee dominated account, or both. Funds in these accounts will be fully repatriable, without the need for any regulatory approval.