The Central Directorate of National Savings (CDNS), in conjunction with the private sector, has announced the introduction of "EasyCash" through digital reforms for the convenience of users. According to a senior CDNS official, private mobile phone providers, including Mobilink, have been urged to promote "EasyCash" through digital reforms.

According to him, four million individuals would be able to take advantage of this service thanks to the two organisations' cooperation on digital financial inclusion.In response to a query, he stated that CDNS has met its goal of issuing Rs 720 billion in new bonds for the current fiscal year 2022–23. The CDNS has set a revised savings goal of Rs 1.3 trillion for the current fiscal year (2022-23) to encourage a saving culture.

In response to a query, the official stated that the preceding fiscal year 2021-2022 saw the CDNS surpass its yearly target and set a record for savings of Rs 1,250 billion up until June 30, 2022. The CDNS’s new deposits exceeded Rs 1,000 billion for the first time in its history and met the goal of Rs 1,250 billion by June 30, 2022, he added.

To encourage savings in the country, it had set a target of Rs 980 billion in annual gross receipts for the period of July 1 to June 30 of the previous financial year 2020-21. In order to increase savings in the country, the senior official stated that the CDNS had set a yearly collection target of Rs 250 billion from July 1 to June 30 for the year 2020-2021, as opposed to Rs 352 billion during the same time of the previous year (2019-20).

According to him, the CDNS had set an annual collection target of Rs 352 billion for the 2019-20 fiscal year, as opposed to Rs 350 billion for the previous fiscal year (2018-19). In response to a question, he stated that the CDNS had reviewed and set a goal of Rs 60 billion for Islamic investment for the fiscal year (2022-23) in order to launch new items onto the market.

He emphasised that CDNS will meet its Rs 60 billion investment goal in the current fiscal year. In August 2022, the CDNS joined the market for Islamic financing and began providing Islamic finance to its clients, he continued. He stated that National Savings will work on Islamic Sharia bonds and certificates to provide its consumers with options in Islamic finance.

Credit : Independent News Pakistan-WealthPk