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CDNS assigns Rs350b net target for 2019-20

CDNS assigns Rs350b net target for 2019-20

KARACHI: The Directorate of National Savings (CDNS) has set Rs350 billion annual net target for the year 2019-20 as compared to Rs324 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country.

The directorate has also revised and increased the gross target of Rs1,570 billion for fiscal year 2019-20, senior official of CDNS told media here.

Replying to a question, he said that CDNS had collected Rs410 billion by June 30, 2019 exceeding the target of Rs324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion.

The total savings held by the CDNS stood at Rs1,150 billion by June 30, while the directorate had Rs774 billion savings by the same date, a year ago, he said.

He said that due to the rationalization of CDNS certificates’ rates, the directorate had collected more savings than expected; therefore CDNS revised its target upward from Rs224 to Rs324 billion for FY 2018-19.