Prime Minister Imran Khan on Thursday will inaugurate the 'Roshan Digital Account', an initiative which will facilitate millions of overseas Pakistanis to undertake fund transfers, bill payments and investment activities in Pakistan.
The Roshan Digital Account is a major initiative by the State Bank of Pakistan (SBP), together with eight other commercial banks operating in the country.
These banks will provide innovative banking solutions for millions of non-resident Pakistanis (NRPs) and for the first time in Pakistan's history, they will be able to open an account in any bank through an entirely digital and online process, without having to visit any bank, embassy or consulate.
To open an account, all documentation requirements will need to be completed. Once complete, it will take 48 hours to open the account, said a statement.
The customer can choose whether to open a rupee dominated account, foreign currency or both and funds in the account will be fully repatriable, without the need for any regulatory approval.
Earlier, on August 20, chairing meetings on various sectors of the economy, the prime minister approved the initiative for the overseas Pakistanis. He also said that the SBP had been empowered to provide immediate subsidy on house loans.
Prime Minister Imran appreciated the initiative of the SBP governor and the participating private banks to provide overseas Pakistanis with various facilities, including remittances, bill payment and investment.
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