Governor State Bank of Pakistan, Dr. Reza Baqir, visited the Central Depository Company (CDC) to mark the successful operationalization of important projects for the Pakistan Capital Market, namely Roshan Equity Investment for Roshan Digital Account holders and Raast for Dividend payments.
Both the projects have been implemented recently by the State Bank in collaboration with the Capital Market and commercial banks.
Roshan Digital Account (RDA) is a major initiative of the State Bank of Pakistan, in collaboration with commercial banks operating in Pakistan, and fully integrates the Pakistani diaspora with Pakistan’s banking and payment system to enjoy lifestyle banking and investment in the country.
Roshan Equity Investment is one of the products being offered by banks through RDA for investment in the Pakistan Stock Exchange. On the other hand, Raast is Pakistan’s first instant payment system that enables end-to-end digital payments among individuals, businesses, and government entities instantaneously. The state-of-the-art faster payment system will be used to settle small-value retail payments in real-time, while at the same time, it will provide cheap and universal access to all players in the financial industry, including commercial banks, microfinance banks, government entities, and fintech.
It is a significant milestone for the CDC and the entire Capital Market as the successful roll-out of these key projects of market development is expected to yield promising results besides affecting ease of doing business through innovative solutions, digitization, and efficiency of processes.
