The Central Directorate of National Savings (CDNS) on Wednesday vowed for the modernization and automation of the institution to enhance the capacity of the manpower to facilitate the customers in both urban centres and rural sides.
Restructuring and Information Technology (IT) transformation the process of restructuring and transformation in CDNS has been started to synchronize its role in the financial sector, both public and private, according to the needs of the time to bring an efficient public service delivery system to the public at large, senior official of CDNS told APP.
He said that the achievements made in the Current Financial Year (CFY) and initiatives in the pipeline were starting from 2002-03, National Savings had gone a long way towards computerization and automation of its processes and all National Savings Centers (NSCs) had become fully computerized.
In the last one year, some major milestones had been achieved for transforming the organization into an Information Technology (IT) enabled entity, he said.
Replying to the question, he said that the data centre had been established at the National Telecommunication Corporation (NTC) and all 375 NSCs were connected through centralized location and wide area.
The senior official said that Wide Area Network (WAN) whereas NTC was working for provisioning of connectivity at remaining NSCs.
Besides, the CDNS main Application system had been upgraded into state of the art business application solution and deployed at all 375 National Savings Centers (NSC).
The aforesaid achievement had enabled CDNS for provisioning of advance, efficient and value added services to its customers using Alternative Deliver Channels (ADCs) i.e. Debit/ATM Cards, he informed.
Replying to another question, he said that agreements had been signed with National Database Registration Authority (NADRA) and accordingly Biometric Verification Machines are placed in all National Savings Centers for proper Biometric and CNIC verification of all the customers.
CDNS has started an efficient and effective screening of its customers under the AML-CFT Regime.
He further said that the regime was comprehensively implemented in all the National Savings Centers and the branches are regularly monitoring the financial transactions and reporting the CTRs and STRs accordingly.
Replying to another question, he said that CDNS obtained Rs565 billion fresh deposits in half yearly of the current fiscal year 2021-22 from the month (July 1 to February 06).
He said that the CDNS had set an annual gross receipt target of Rs980 billion from July 1 to June30 of the previous fiscal year 2020-21 to promote savings in the country.
The senior official said the CDNS had set Rs250 billion annual collection target from July 1 to June 30 for the year 2020-21 as compared to Rs352 billion for the previous year (2019-20) same time span to enhance savings in the country.
The CDNS had set Rs352 billion annual collection target for the year 2019-20 as compared to Rs350 billion for the previous year (2018-19), he said.
He informed that the CDNS interest rates were linked with the PIB policy set by the SBP.
He said the CDNS had opened new avenues for public and private investment to document the country’s economy and ensure transparency in the financial system.