Record Deposits in Roshan Digital Accounts: Latest Statistics Unveiled

Significant Growth in Roshan Digital Accounts

The State Bank of Pakistan (SBP) has revealed impressive data related to Roshan Digital Accounts (RDA). In November 2024 alone, 10,807 new RDAs were opened, resulting in deposits amounting to $186 million. This marks a substantial milestone in the RDA initiative.

Accumulated Deposits Over Four Years

From September 2020 to November 2024, a remarkable total of $9.139 billion has been deposited in Roshan Digital Accounts, showcasing the growing trust and participation from overseas Pakistanis.

Financial Achievements of the Deposit Protection Corporation

The Deposit Protection Corporation (DPC) reported an impressive income of PKR 48 billion during the fiscal year 2024. Dr. Inayat Hussain, Chairman of the DPC Board and Deputy Governor of the SBP, highlighted that high interest rates and limited business activities led to bank deposits exceeding PKR 31 trillion.

Boost in Banks' Premiums and Investment Profits

The DPC’s annual report for the fiscal year 2024 noted a 16% rise in banks' premiums and an 88% surge in investment profits, culminating in a total of PKR 48 billion. This significant growth underscores the robust performance of the financial sector.

Strengthened Insurance Capabilities

The SBP stated that the DPC’s Deposit Protection Fund now stands at PKR 148 billion, significantly enhancing its insurance capabilities and ensuring greater financial security for depositors.

 Commitment to Legislative Reforms

In the annual report, the DPC Chairman emphasized the SBP’s commitment to further strengthening the corporation through amendments to its Act. Dr. Inayat Hussain mentioned that the corporation’s mandate will evolve from “pay box” to “pay box plus,” indicating a broader scope of responsibilities.

 Conclusion: A Strong Financial Outlook

These developments highlight the impressive growth and stability of Pakistan’s financial sector, driven by the success of Roshan Digital Accounts and the strategic efforts of the State Bank of Pakistan and the Deposit Protection Corporation. As these institutions continue to innovate and expand their mandates, the future looks bright for Pakistan's economy.