Finance Ministry allocates Rs. 969 million for National Savings computerization project

Islamabad : Ministry of Finance and Revenue has allocated Rs. 969.57 million for the completion of third phase of the Automation project of Central Directorate of National Savings which is already under way to computerised all the data and accounts with the National Savings.
A spokesman of the Ministry of Finance and Revenue giving details of the project said that work on this important project has already been under way and now the Finance Division has allocated Rs. 969.57 million for its third phase while will be completed in two years.
The spokesman after the completion of this project, all the data, including the details of the accounts and investment details of the consumers with the National Saving will be digitalised. This project will also make the calculation for Zakat, tax and service charges and interests on the investments of the account holders of the National Savings and the computerization will help in easy and correct calculations in this regard.
It will also be helpful in timely submission of periodical returns and reports and every one will be able to get system generated reports of details of their accounts. The project will also be helpful to keep a comprehensive back-up of the data of the National Savings to face mishaps in case of burning, natural calamities and any other untoward incident.
According to a spokesman of National Saving, it has already entered into digital age with introducing a mobile application for its account holders and investors to keep a track of their investments and transactions. The mobile application has launching mobile application under the name “Quomi Bachat Digital” for its investors and it will help National Savings investors to view latest and update details of their accounts, account balances, access product-wise investment details, get SMS and email alerts on any transactions in their accounts and certificates. The investors can view transactional history and account statements, search the draw results of the Prize Bonds and save Prize Bond numbers for future draws. The spokesman further said currently, National Savings has 223 branches and 70% data has been computerized and automated and available on online while remaining data is in the process of being automated which will be completed very soon. The mobile application is a non-financial version on the online branches and its version with financial transactions along with numerous other features will be introduced in the next phase. Through such technology-based innovative initiatives, National Savings has transformed itself from a manually-run organization to a digital financial platform where quality service delivery through use of technology and digitization will be ensured, the spokesman remarked.
Through the computerization of the record, now the old system of pass book and manual entry system of investment record will be replaced with modern and digital system.
He said over a period of time, particularly in the last 10 years, National Savings has emerged as an effective vehicle for financial inclusion and a provider of social security net to the deserving sections of the society.