National Savings Centre’s new branch inaugurated
LAHORE – National Savings, a premier financial institution, with a vision to “promote and inculcate value of thrift for mobilization of savings” and mission to “be the preferred institution for small savers to facilitate objective of financial inclusion”, is an attached Department of Finance Division, government of Pakistan. It has been entrusted to mobilize savings through retail government securities called National Savings Schemes (NSS). National Savings, or Central Directorate of National Savings (CDNS), is fulfilling the investment needs of all segments of society with current investor base of over 3 million and a portfolio of Rs.4 trillion which makes around 22% of entire banking deposits nationwide. The investor base of CDNS comprises senior citizens (60 and above), retired government employees, persons with physical challenges, widows, students, and members of all segments of society. Out of its total customers, women make 44% as compared to commercial banking where women customers’ penetration is around 10%.
National Savings has recently digitized its branches through Core Business Application (CBA). Now, the 03 million National Savings customers can withdraw their monthly profit through ATM cards instead of physically coming to savings centers. These cards can also be utilized at merchant POS machine for shopping purposes. Similarly, to enhance the outreach of the department and to tap the untapped potential areas in Lahore, new National Savings Centers are being opened and as a first step, National Savings Center at EME DHA Phase-XIl has started functioning. The center was inaugurated by Zafar Masud (President & CEO – The Bank of Punjab) and the former DG of CDNS. The new branch will cover the residents of areas of Thokar Niaz Baig, societies along Raiwind Road, Canal Road, and Multan Road.
Speaking on the occasion, the current DG CDNS Hamid Raza acknowledged the valuable services rendered by Zafar Masud towards National Savings. He also thanked Masud for initiating the digitalization process at CDNS. A special souvenir was also presented to Zafar Masud at the inauguration ceremony in this respect.
Speaking at the occasion, Zafar Masud said, “It’s an honor and privilege for me to inaugurate the National Savings Center’s branch today. National Savings play a pivotal role in driving savings behavior in general public which is a big service to the nation. I want to offer BOP’s cooperation to National Savings to enhance the facilitation of customers by offering its products to BOP’s RDA customers, installation of BOP ATMs at National Saving Centers and enabling National Savings to credit monthly product to their customers using BOP’s RAAST railroad. We’re also planning to launch a co-branded Debit Card with CDNS. Moreover, in the spirit of welfare of public, BOP is looking at the possibility of waiving off services charges on ATM withdrawals for NSS’ customers of welfare schemes. Taking this opportunity, I would like to congratulate Hamid Raza and his team on the successful launch of NSS’ Debit Cards and commend their endeavours to achieve full digitalisation of this very important & unique institution of the country.” In future plans, National Savings is also working on Mobile Application, Inter Bank Financial Transactions (I.B.F.T), and Sharia Compliant Products and by the grace of Almighty Allah, National Savings customers will enjoy these facilities as well.