CDNS Surpasses Annual Target By End Of First Quarter Of FY,2023-24.

Mohammad Ali (@ChaudhryMAli88) Published October 18, 2023 | 04:30 PM

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Oct, 2023) The Directorate of National Savings (CDNS) has achieved revenue exceeding its annual target by the end of the first quarter of the current year ,2023-24.

The Central Directorate of National Savings (CDNS) has accomplished a target of Rs 430 billion in fresh bonds in the current fiscal year, from July 1st to October 15th, the senior official of CDNS told APP here on Wednesday.

He said the CDNS surpassed the annual target and achieved the target of Rs 1.6 trillion in fresh bonds in the current fiscal year, He said this was 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 current financial year (2021-22) which will promote savings culture in the country," he said.

In view of the current market trend in the country, the ambitious target had been set to further improve the savings culture, he said.

He 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.

Replying to a question, he said the CDNS had collected an investment of Rs 16 billion in the month of July 2023-24 through Islamic investment bonds. He added that the directorate has 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's aim was to introduce new dimensions in the Islamic finance sector.

He informed that CDNS had reviewed and set a target of Rs 60 billion in the fiscal year (2022-23) for Islamic investment to introduce the new products in the market.

"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.