CDNS set Rs.350 billion net target for 2019-20

ISLAMABAD, Aug 2 (APP):The Directorate of National Savings (CDNS) has set Rs.350 billion annual net target for the year 2019-20 as compared to Rs. 324 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 Rs 1570 billion for fiscal year 2019-20, senior official of CDNS told APP here on Friday.

Replying to a question, he said that CDNS had collected Rs 410 billion by June 30, 2019 exceeding the target of Rs 324 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 Rs 1,150 billion by June 30, while the directorate had Rs 774 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 Rs 224 to 324 billion for FY 2018-19.