CDNS digitized National Savings Certificates to modernize institutional process

ISLAMABAD, Feb 1 (APP):The Central Directorate of National Savings (CDNS) has digitized National Savings Certificates (NSCs) for the convenience of consumers and to modernize the institutional process.

The CDNS and Central Depository Company of Pakistan Limited (CDCP) have signed an agreement to start a pilot project for digitization and dematerialize of NSCs, a senior official of CDNS told APP here Wednesday.

The senior official said this will increase investment in National Savings and increase consumer confidence.

He said that this agreement between National Savings and CDCP is a part of automation and digitization of the institution.

He said that the Federal Finance Minister, Senator Muhammad Ishaq Dar has specially participated in the signing ceremony and praised the process.

Replying a question, he said the CDNS realized the target of Rs 765 billion in fresh bonds during the current fiscal year 2022-23 from July 1st to January 30th, 2023.

The CDNS has set a reviewed saving target of Rs 1.3 trillion for the current financial year (2022-23) which will “promote the savings culture in the country”, he said.

In view of the current market trend in the country, the ambitious target had been set to further improve the savings culture, he said.

Responding to another question, he said the CDNS surpassed its annual target in the previous fiscal year and set a historic record of Rs 1,250 billion in savings till June 30, 2022.

For the first time in its history, CDNS crossed Rs 1,000 billion in fresh deposits and achieved the target of Rs 1,250 billion by June 30, 2022.

He said CDNS had accomplished the target of issuing Rs 1,250 billion in fresh bonds from July 1, 2021 to June 30, 2022. It had set an annual gross receipt target of Rs 980 billion from July 1 to June 30 of the previous financial year 2020-21 to promote savings in the country.

The senior official said the CDNS had set a Rs 250 billion annual collection target from July 1 to June 30 for the year 2020-2021 as compared to Rs 352 billion during the same period for the previous year (2019-20) to enhance savings in the country.

The CDNS had set Rs 352 billion annual collection target for the year 2019-20 as compared to Rs 350 billion for the previous year (2018-19), he added.

Replying to another query, he said CDNS had reviewed and set a target of Rs 60 billion in the fiscal year (2022-23) for Islamic investment to introduce the new products in the market.

In the current financial year, CDNS would achieve the investment target of Rs 60 billion, he maintained.