Daily Times

ISLAMABAD: Finance Minister Senator Mohammad Ishaq Dar commended National Savings on becoming member of the Automated Clearing System.

National Savings was the only non-bank member of the clearinghouse. The minister said that this achievement of National Savings would help serve millions of small savers throughout the country. It was an earnest demand of CDNS’ customers. He said that endeavours of National Savings, like the clearinghouse membership, would enable realisation of the vision of the National Financial Inclusion Strategy.

The finance minister said that the clearinghouse membership has enhanced the convenience of investors throughout the country, especially senior and retired citizens, who could now draw their profits directly from their accounts, located anywhere in Pakistan. He stated that this facility, which would also provide relief to pensioners and would provide access to National Savings’ investors to alternate delivery channels such as ATMs, Internet banking etc.

It may be recalled that, previously, a personal visit to the National Savings Centres was required for investors to obtain their monthly profits. This used to result in inconvenience for investors, especially senior and retired citizens as well as widows, who had to undergo lengthy waits in queues to receive their profits. The new system of receiving payments directly from the investors’ accounts was not only more convenient, but also a safer mechanism for the general public.

National Savings was serving more than seven million accounts all over Pakistan by offering a variety of savings schemes, which target all segments of the society. The finance minister expressed the hope that National Savings would take further steps to ensure effective utilisation of technology, in order to enhance financial inclusion. He urged National Savings to undertake all necessary measures to ensure smooth service delivery and a convenient customer experience to the people of Pakistan.