July 14, 2022: The Central Directorate of National Savings (CDNS) has set a savings target of Rs 1.5 trillion for the current fiscal year (2022-23), which will foster a savings culture in the country.
At this point, the current market trend in the country and the ambitious goal of further improving the savings culture had been set, the CDNS senior official told APP here on Thursday.
In response to a question, he said the CDNS exceeded its annual target in the previous fiscal year 2021-22, setting an all-time high of Rs1,250 billion in savings through June 30, 2022.
For the first time in its history, National Savings exceeded Rs1,000 billion in new deposits and reached its target of Rs1,250 billion by June 30, 2022,
The CDNS has reached its target of issuing Rs1,250 billion new bonds in the closing months of the current fiscal year 2021-22, from July 1, 2021 to June 30, 2022.
It had set an annual gross receipt target of Rs980 billion from July 1 to June 30 of the previous fiscal year 2020-21 to promote savings in the country.
The senior official said the CDNS had set an annual fundraising target of Rs 250 billion from July 1 to June 30 for the year 2020-2021, compared to Rs 352 billion for the previous year (2019-20) in the same period to cover the savings in to enlarge the country.
The CDNS had set an annual fundraising target of Rs352 billion for the year 2019-20 compared to Rs350 billion for the previous year (2018-19), he said.
In response to a question, he said the CDNS had decided to initiate Islamic finance and would begin its procedural work to provide the institution with Islamic finance from next month.
In this regard, according to Islamic Sharia compliance, price bonds and savings certificates would be issued for investments in accordance with Shariah principles, he said.
The CDNS, he said, would provide its consumers with Islamic investment opportunities, as would the rest of private and public sector banking, where Islamic Sharia activity has now reached 20 percent.
In response to another question, the senior official said the CDNS had begun work on increasing new investment opportunities and promoting digital investment through many new projects.
The CDNS, in conjunction with the State Bank of Pakistan, was developing digital price bonds that would be available through online electronic channels, he said.
It is in the process of launching its first mobile app for online purchase and redemption of national savings, he added.
The official said that for better and efficient electronic transfer of funds, the CDNS would adopt RAAST in the current month for rapid money flow through its financial tributaries.
Initially, the CDNS had opened three separate accounts with the State Bank of Pakistan (SBP) to prevent direct access to the Non-Food Account-1 for its Alternative Delivery Channel (ADC) business, 1Link Payment, UPI Payment and RAAST payment. .
The Treasury Department, he said, would allocate a budget cap on a daily basis and the CDNS would operate within the limits of its allocated resources.
Accordingly, the 2019 PFM Act was passed in its true spirit for CDNS alternative delivery channels.
He said CDNS interest rates were linked to the SBP’s PIB policy. The directorate had opened new avenues for public and private investment to document the country’s economy and ensure transparency in the financial system.
Responding to another question about the current revision of CDNS certificate returns, he said that the CDNS had maintained the same interest rate on the savings bonds investment due to the market situation and according to the policy decision of Pakistan Investment Bonds (PIB).
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