ISLAMABAD - National Telecom Corporation management on Thursday told Senate Standing Committee on IT that the corporation invested Rs1740 million in private banks as per rules and procedures.

Officials informed the committee that the corporation got approval of investment in private banks by management board. The board was recommended by Audit Committee and investment committee and it was also publicized in newspapers.

The officials further apprised that Corporation invests for tenure of six months to one year.

Answering another question, officials said that NTC was formed in 1996 with an initial staff of 2803. Presently 2483 employees are working in the Corporation. During last three years, only 34 employees were appointed as per provincial quota. During last five years, 580 staffers retired while 87 were appointed.

The officials said that good conduct allowance of 97 employees was stopped but now it had restored, except for 13, who did not sign performa.

NTC is a government-based secure IT and telecom services provider for government organizations including defense.

According to official data, the total revenue of the company by the end of current financial year is expected to reach Rs3.274 billion, while operating costs would be around Rs3.111 billion.  The NTC was expecting to generate a profit of Rs163 million in the current financial year.

The meeting, under the chair of Senator Shahi Syed, was called to discuss the detail of appointments during last three years and investment of 1740 million NTC funds in private banks without approval of authority and other issues related to salaries and allowances of employees.