The Central Directorate of National Savings (CDNS) set a savings target of Rs 1.5 trillion for the present fiscal year (2022-23), which will encourage a savings culture in the country.
“Current market trend and the ambitious
target are set to further improve the savings culture,” according to a senior CDNS official.
Responding to a question, he remarked “the CDNS surpassed its annual target in the previous fiscal year and set a historic record of Rs 1,250 billion till June 30, 2022”.
National savings crossed Rs 1,000 billion in fresh deposits and succeeded to reach Rs 1,250 billion for the first time in history. CDNS had also set annual gross receipts target of Rs 980 billion from July 1 to June 30 during the last fiscal year.
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The official added that the CDNS was looking forward to starting Islamic financing and would commence procedural work in the coming month to provide the facility.
In this respect, savings certificates and prize bonds would be issued for investment according to the Shariah principles, he said.
“It is in the process of launching its first mobile app for online purchase and encashment of National Savings Certificates.”
He further underlined that the CDNS would offer Islamic investment opportunities to its clients like the private and public-sector banks as the Sharia-compliant business reached 20%.
The CDNS had started work on growing investment opportunities and encouraging digital investment through several new projects, the official maintained, adding that for better and efficient transfer of funds electronically, the CDNS has decided to adopt RAAST in the existing month for the immediate flow of funds through its financial tributaries.
Moreover, the CDNS has initially opened three separate accounts in the State Bank of Pakistan (SBP) to avert direct access to the Non-Food Account-1 for its Alternative Delivery Channel (ADC) operations, 1Link Payment, UPI Payment, and RAAST payment.
The official also informed that the Finance Division would assign budgetary ceilings on a daily basis and the CDNS would work within the limit of allocated funds.
Therefore, the PFM Act 2019 had been adopted in its true spirit for the Alternative Delivery Channels of CDNS.