By Jawwad Rizvi
LAHORE: The National Savings Organisation (NSO) will introduce Automated Teller Machines (ATMs) and a modernised website by next year, the NSO chief said on Friday.
“The savers will be able to operate their accounts from anywhere in the world,” said Zafar Sheikh, Director General NSO while speaking at the directors conference.
“It will also help us tap the savings of non-resident Pakistanis who get meagre returns on their money invested abroad.”
He said the focus of the organisation was on improving infrastructure with latest automated systems.
“NSO is also working on automation and by the end of next year, it will launch ATMs to further facilitate the savers,” he added.
Sheikh announced the launch of ‘Short Term Investment Certificates’ of three, six, nine and 12-month maturity. The return would be almost equal to the yields given on treasury bills by the government, he said. “These measures are aimed at boosting savings in the country.”
He said the portfolio of National Savings Organisation crossed Rs1,750 billion mark, meeting over 36 percent financing needs of the government with just 371 branches. “The total banking system saving portfolio is Rs5,000 billion with all 42 banks of the country and huge number of branches,” he said, adding that “the number of branches will be increased to 500 by the end of 2011”.
He said NSO attracted 35 percent of the people’s savings with limited resources and provided loans to the government at lower rates than the commercial banks. He said that NSO had attracted Rs60 billion while this year’s target is set at Rs248 billion.