ISLAMABAD -  Federal Finance Minister Senator Ishaq Dar has commended the Central Directorate of National Savings (CDNS) on becoming member of the Automated Clearing System, as CDNS is the only non-bank member of the clearinghouse.

The minister said that this achievement of CDNS will help serve millions of small savers throughout the country. It was an earnest demand of CDNS' customers/investors, he added. He said that endeavours of CDNS, like the clearinghouse membership, will enable realisation of the vision of the National Financial Inclusion Strategy.

Dar said that the clearinghouse membership has enhanced the convenience of investors throughout the country, especially senior and retired citizens, who can now draw their profits directly from their accounts, located anywhere in the country. He stated that this facility, which will also provide relief to pensioners, will provide access to CDNS's investors to alternate delivery channels such as ATMs, Internet Banking etc.

It may be recalled that, previously, a personal visit to the CDNS 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.

CDNS is serving more than seven million accounts all over the country 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 CDNS to undertake all necessary measures to ensure smooth service delivery and a convenient customer experience to the people of the country.