ISLAMABAD - Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development Sayed Zulfikar Abbas Bukhari while felicitating the expats over the launch of ‘Roshan Digital Account’ has said that it was a leap forward towards materialisation of the challenger bank. The SAPM, in a tweet, said Prime Minister (PM) Imran Khan had fulfilled another promise with the expatriates as they were well-deserved the initiative for being back bone of the country’s economy.
“Congrats to all the overseas Pakistanis for a revolutionary financial product. Overseas Pakistanis are our back bone and deserve to be facilitated. Roshan Digital Account is a first big step towards digital challenger bank. Today Prime Minister (PM) Imran Khan has fulfilled another promise to his special people,” he tweeted. ‘Digital Roshan Account’ is a major initiative of the government to boost the remittances by enabling the overseas Pakistanis to open their bank accounts remotely.
The move, which will eventually spur economic growth in the country, has multiple features including option of opening bank account in rupee and foreign currency or both, full repatriation of funds without regulatory approval, and others.
“The govt is committed to introduce ‘digital challenger bank’ to motivate overseas Pakistanis so that they could use formal legal channels to send their money to their families and relatives in Pakistan,” SAPM Zulfikar Bukhari told media in an interview. He added that the initiative was aimed at making banking channels cost-effective and hassle-free for Pakistani expatriates and to discourage the illegal means of transferring money like the hundi system, being the main impediment in the growth of Gross Domestic Product (GDP).
