ISLAMABAD: The total portfolio of Central Directorate of National Savings (CDNS) stood at Rs3.1 trillion as on August 31, 2024, which is 10 percent of the banking deposits and seven percent of domestic debt.
During the meeting of National Assembly Standing Committee held on Thursday, Director General of the CDNS provided insights into the organisation’s mission and financial health. With 370 centers nationwide and three million clients, the CDNS offers 14 savings products, including Defence Saving Certificates and Behbood Saving Certificates.
The committee emphasised the need for increased savings rates and the introduction of more saving instruments to encourage public savings, advocating for a strategic plan to address these concerns.
Director General of CDNS, Thursday, informed the National Assembly Standing Committee on Finance that the total number of customers of the CDNS stood at three million with a network of 370 centers across the country.
The functions of the CDNS are as an attached department of the Finance Division with the vision to promote and inculcate value of thrift for mobilization of savings. It also supports the government financing requirements while ensuring financial inclusion and social security to special segments of the society.
The stocks of Defence Savings Certificates stood at Rs404 billion; Behbood Savings Certificates Rs1,046 billion; Regular Income Certificate Rs261 billion; Special Saving Certificates Rs287 billion; Short-term Saving Certificates Rs62 billion; Digital Savings Rs2 billion; Pensioners Benefit Account Rs438 billion; Shuhada Family Welfare Account Rs0.2 billion; Saving Account Rs93 billion; Special Saving Account Rs60 billion; National Prize Bonds (Bearer) Rs331 billion; Premium Prize Bonds (Registered) Rs56 billion; Sarwa Islamic Savings Account Rs69 billion and stocks of Sarwa Islamic Term Account amounted to Rs5.5 billion.
The committee was further informed that the Sharia-compliant savings investment stood at Rs70 billion and investment during first quarter till September 15 stood at Rs300 billion with net positive inflow of Rs30 billion.
While the committee appreciated certain measures, concerns were raised about recent tax reforms causing unrest among traders. It was resolved to hold a separate meeting aimed at fostering dialogue between traders and the government to address these issues.
The agenda item on mutual funds was deferred due to the absence of the chairman of the Securities and Exchange Commission, leading the committee to express displeasure over taking this important forum non-serious and stressed the importance of engagement of the Heads of the Institutions with the committee seriously.
The meeting concluded with a commitment to ongoing dialogue and collaboration between the government and stakeholders to enhance fiscal discipline and economic stability.
Copyright Business Recorder, 2024