CDNS achieves Rs720 billion savings target by first half of FY2024-25

The Central Directorate of National Savings (CDNS) has achieved a target of Rs 720 billion in fresh bonds and achieved 43.42 percent of the annual target for the first half of the current fiscal year, from July 1 to January 13.

The senior official of CDNS told APP on Tuesday that the CDNS has set an annual target of Rs 1650 billion for the current Fiscal Year, 2024-25, which will promote the country’s saving culture.

Similarly, the CDNS has set a target of Rs 170 billion in investment in Islamic finance for the Current Fiscal Year, which will lead to the growth of the Islamic economy in the country.

Replying to a question, he said that the CDNS has realized a target of Rs1.742 trillion in fresh bonds and exceeded 100 percent of the annual target in the last fiscal year 2023-24, from July 1 to June 30.

National Savings has set an annual target of Rs 1.7 trillion for the year 2023-24; it is encouraging that this year, “We surpassed the 100 percent of the annual target.”

The CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the previous fiscal year 2022-23, he said.

He said it was a Rs 200 billion additional annual target than the target of Rs 1300 billion for the previous financial year 2021-22.

The CDNS has set a reviewed saving target of Rs 1.4 trillion for the financial year (2021-22) which will promote a savings culture in the country, he said, adding that given the current market trend in the country, the ambitious target had been set to further improve the savings culture.

The official said that work was being done on institutional reforms in CDNS and new reforms and innovations were being introduced. At this time Automated Teller Machine (ATM) has also been introduced in CDNS which will provide enough facilities to the users,” he added.

The official said that the directorate had set a target of Rs 75 billion for the new financial year 2023-24 for Islamic finance bonds.

Replying to a question; he said the CDNS aimed to introduce new dimensions in the Islamic finance sector.

Islamic finance has a very important role in the global financial sector at this time and a large part of the economy of many major countries currently includes Islamic finance,” he added.