CDNS achieves target of Rs1.4tr in fresh bonds

May 09, 2024 (MLN): The Central Directorate of National Savings (CDNS) has achieved a target of Rs1.4 trillion in fresh bonds and has reached 82% of the annual target for the current fiscal year, from July 1 to May 5, 2024.

National Savings has set an annual target of Rs1.74tr for FY24. It's encouraging that 82% of this target has been achieved. There's hope that National Savings will surpass its annual target for FY24, a senior official of CDNS told APP today.

CDNS has surpassed the annual target and achieved Rs1.tr in fresh bonds in the current fiscal year, the official stated.

This is an additional Rs200bn compared to the target of Rs1.3tr set for the previous FY23.

CDNS has set a reviewed saving target of Rs1.4tr, aiming to promote a savings culture in the country. Given the current market trend, the ambitious target has been set to further improve the savings culture, the official added.

Work is underway on institutional reforms in CDNS, with new reforms and innovations being introduced.

An Automated Teller Machine (ATM) has also been introduced in CDNS, providing ample facilities to users, the official further noted.

The directorate has set a target of Rs75bn for the new financial year 2023-24 for Islamic finance bonds. In response to a question, the official stated that CDNS aims to introduce new dimensions in the Islamic finance sector.

Islamic finance plays a crucial role in the global financial sector, and a significant part of the economy of many major countries currently includes Islamic finance, the official added.

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