National Savings Certificates (NSCs) will be digitalized by the Central Directorate of National Savings (CDNS) for customer convenience and to improve institutional procedures. According to a senior CDNS official, the CDNS and Central Depository Company of Pakistan Limited (CDCP) have reached an agreement to launch a pilot project for the digitization and dematerialization of NSCs.

He said that this arrangement is a component of the institution's automation and digitalization. Additionally, it will boost consumer confidence, stimulating investment in National Savings. Federal Finance Minister Muhammad Ishaq Dar took a great interest in the signing ceremony and attended it too, he added.

In response to a query, the official stated that during the current fiscal year, from July 1, 2022, to January 30, 2023, the CDNS achieved the Rs 765 billion objective in new bonds. To encourage a savings culture in the nation, the CDNS has set a revised saving target of Rs 1.3 trillion for the current fiscal year (2022-23), he said. An ambitious goal has been established to further advance the savings culture in light of the nation's present market trend, he added.

In response to a different query, he stated that the CDNS had achieved its yearly goal in the previous fiscal year and set a record of Rs 1,250 billion in savings till June 30, 2022. The CDNS surpassed the Rs 1,250 billion objective by June 30, 2022, and for the first time, new deposits exceeded Rs 1,000 billion.

In order to increase savings in the country, the official stated that the CDNS had set a Rs 250 billion yearly collection target from July 1 to June 30 for the year 2020–21 as opposed to Rs 352 billion during the same time the year before (2019–20). In response to a different question, he stated that CDNS has examined the situation and set a goal of Rs 60 billion for Islamic investment for the fiscal year (2022-23) to launch the new items on the market. He has faith that the goal would be reached.

Credit: Independent News Pakistan-WealthPk