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NSS achieves Rs60bn investment target - LahoreEstate - 11-09-2009 05:18 AM
ISLAMABAD: Investment in National Savings schemes is growing at a faster pace, and during the first quarter of the current fiscal year (2009-10), the institution achieved a net investment target of Rs60 billion.
Since November 2007, the National Savings secured investment worth Rs400 billion, registering a growth of 40 per cent, and with this, the Organisation has become a major source of revenue generation within the country.
National Savings Director-General Zafar M Shaikh, who took over the reigns three years ago, told Dawn target set by the government at Rs240 billion for the entire fiscal year would not only be achieved, but efforts were under way to surpass the target. Mr Shaikh said all-out efforts would be made to play the role assigned by the government to raise the level of much-needed revenue by the country.
With this high performance, the National Savings has turned into a financial institution, not only as a ‘house of collection’ of revenue for the government, but has emerged as a reliable source of investment by the public.
Despite this fact, the National Savings is still functioning under the bureaucratic clutches of the ministry of finance. Though proposals were under study to make the organisation an independent financial institution, no progress has been made during the last several years.
Encouraged by the public interest in the schemes, the National Savings Organisation has planned to launch three to four new schemes, namely Regular Income Certificate (RIC) and Special Savings Certificate having the profit rate of 12 and 11.67 per cent, respectively.
With more investment coming in, the rate of profit may increase as compared to the profit being offered by the commercial banks.
Other schemes of the Saving Organization include Defence Saving Certificates and Bahbud Saving Certificates. In addition, public were also benefiting from Saving Accounts, Special Saving Accounts, Pensioner’s Benefit Accounts.
In view of growing investments, the Organisation has decided to expand network of Saving Centres throughout the country.
The finance ministry has approved a project of National Savings under which all centres would be gradually automated.
http://www.dawn.com/wps/wcm/connect/dawn-content-library/dawn/news/business/19-nss-achieves-rs60bn-investment-target-hh-06