Mr. Hamid Raza Khalid
National Savings Organization is Pakistan’s largest financial institution, with a portfolio of over Rs. 3.4 trillion and over 04 million valued customers served through a large network of 376 branches nationwide administered by 12 Regional Directorates. As one of the primeval financial institutions in the public sector, CDNS has not only been successful in promoting a savings culture in the country, but it has also generated funds for the government to finance the budgetary deficit and infrastructure projects.
Historically, National Savings is one of the country’s founding institutions, with a legacy spanning over 140 years that came into existence with the promulgation of Government Savings Bank Act in 1873. The British Government used this channel to raise funds to meet war related expenditures during World Wars I and II. In order to institutionalize the savings culture, the National Savings Bureau (NSB) was established in 1943–1944. Following Pakistan’s independence in 1947, this organization continued to operate in various forms.
In September 1960, it was decided to revitalise the CDNS structure by granting it the status of an Attached Department of the Ministry of Finance. The year 1972 marked a watershed moment in the long history of National Savings, when the organization was given responsibility for all policy matters and the execution of various National Savings Schemes (NSS).