Dar Commends CDNS For Becoming Member Of Automated Clearing System

Dar commends CDNS for becoming member of Automated Clearing System

ISLAMABAD, (Pakistan Point News - APP - 14th Jan, 2017 ) : Minister for Finance Senator Mohammad Ishaq Dar Saturday commended the Central Directorate of National Savings (CDNS) for becoming a member of the Automated Clearing System. Becoming the only non-banking member of the clearing house would help the CDNS serve millions of small savers throughout the country, the minister said in a statement here. He said the endeavours of National Savings, like the clearing house membership, would enable realization of the vision of the National Financial Inclusion Strategy.

The clearing house membership, he said, had enhanced the convenience of investors, especially senior and retired citizens, who could now draw their profits directly from their accounts, located anywhere in Pakistan. Dar said the facility, which would also provide relief to pensioners, 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 is not only more convenient but also a safer mechanism for the general public. National Savings is 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 the National Savings would take further steps to ensure effective utilization of technology, in order to enhance financial inclusion. He urged the National Savings to undertake all necessary measures to ensure smooth service delivery and a convenient customer experience to the people of Pakistan.