CDNS achieves Rs 116 billion by January, 20

ISLAMABAD: The Central Directorate of National Savings (CDNS) has achieved Rs 116 billion savings till third week of third quarter of current fiscal year, from July 01 to January 20, 2016-17.

The target for the year 2016-17 was set at Rs 228 billion, while the directorate was able to achieve the target of Rs 218 billion for the previous fiscal year,an official of CDNS told APP here on Monday.

He said that CDNS has launched first phase of modernization plan in collaboration with National Institutional Facilitation Technologies (NIFT) to facilitate its customers.

After signing a Memorandum of Understanding (MoU) with NIFT, now senior citizens and pensioners would get the amount credited in their accounts from National Bank of Pakistan (NBP).

Under the plan, the CDNS would give this facility on Savings Accounts, Bahbood Savings Certificates and Pensioners' Benefit Account.

In second phase of institutional reforms, same facility would be given on the remaining schemes.

The directorate would be equipped with modern tools for shifting from manual to innovative information technology (IT) services, especially in rural branches, he said.

The official said, 83 branches of CDNS have been computerized in different regions under the first phase while 140 more branches would be automated during the second phase.

He said the modernization plan would be completed in September this year.

Replying to a question,he said after agreement with NIFT, the directorate would launch registered prize bonds, besides transferring profit to the customers accounts.

The official said the proposed structural reforms plan would be launched gradually in order to provide better service delivery to customers.

Copyright APP (Associated Press of Pakistan), 2017

Publishedin Business Recorder, January 23rd2017