August 31, 2020| Kyiv Mission Post|
A New Era of Banking in Pakistan: The Roshan Digital Account is a major new initiative of the State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan. This account provides innovative banking solutions for millions of Non-Resident Pakistanis (NRPs) seeking to undertake banking, payment and investment activities in Pakistan.
Fully Digital Account Opening and Operation: For the first time in Pakistan’s history, NRPs are being provided an opportunity to remotely open an account in Pakistan through an entirely digital and online process without any need to visit a bank branch. Opening the account will require only a basic set of information and documents. Banks have been asked to complete all necessary customer due diligence within 48 hours.
Lifestyle Banking: The Roshan Digital Account will integrate the Pakistani diaspora fully into the Pakistani banking and digital payments system:
Accounts available in both Foreign Currency and Pakistani Rupees NRPs can choose either a foreign currency or rupee-denominated account, or both. They would be interoperable and enable real-time online conversion from foreign currency to Pakistani Rupees, and vice versa.
Full Repatriability Funds in the Roshan Digital Account will be fully repatriable – they can be remitted back from Pakistan without any regulatory approval.
Last modified: August 31, 2020
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