KARACHI: Prime Minister Imran Khan has suggested to banks that they should extend housing loans to the overseas Pakistanis who are opening Roshan Digital Accounts (RDAs).

“The PM congratulated the bank presidents for making RDA a priority, and encouraged them to take full advantage of this new market by innovating further, including by providing more products to meet the demands of the Pakistani diaspora, such as automobile and housing loans,” said a statement issued by the SBP on Thursday.

A ceremony to mark the significant milestone of remittances through RDA crossing $500 million in just five months was held at Prime Minister House on Thursday. The event was organised by SBP to pay tribute to overseas Pakistanis for their trust in RDA.

Overseas Pakistanis also participated in the event through a video link.

Banks told to intensify marketing of RDAs

“Banks need to redouble their marketing and promotion efforts to create further awareness about RDA among overseas Pakistanis, including through electronic media,” said the prime minister.

Mr Khan thanked overseas Pakistanis for their overwhelming response to the RDA initiative.

The prime minister said he was extremely pleased to see RDA emerge strongly as an attractive financial product for overseas Pakistanis in such a short span of time. He said that he has always valued the diaspora as an asset for the country and had a long-standing desire to better integrate them with the Pakistani economy and financial system.

“Roshan digital account has finally provided this opportunity,” the premier said. He said he was very happy to note that RDA is helping overseas Pakistanis to not only carry out financial transactions for their families in Pakistan but also to invest their savings in their homeland through different attractive opportunities, including Naya Pakistan Certificates (NPCs), the stock market and property.

At the same time, these fellows help generate economic activity in Pakistan and improve the country’s balance of payments by raising foreign exchange reserves, making the product a win-win for both the diaspora and the country, Mr Khan remarked.

SBP Governor Dr Reza Baqir said that crossing the significant milestone of $500m in remittances through RDA in just five months is an exciting achievement.

Published in Dawn, February 19th, 2021