No change

The Central Directorate of National Savings (CDNS) has become a member of the Automated Clearing System. This is the first time in history that the State Bank of Pakistan (SBP) allowed a financial institution to become a non-bank member of the clearinghouse. According to this, senior citizens and widows can deposit their National Savings issued certificates directly into their bank accounts. Although it seems convenient, this is not the case.

In reality, the National Saving Center will issue cheques or pay orders to its old-age and/or retired pensioners. Pensioners will then deposit these cheques in their bank account in order to withdraw the sum of profit from an ATM. So, this is a false claim that senior citizens will get profit from ATMs without a hassle. In the same way, investors of Behbood Certificate and Pensioner account will go first to the National Saving Centre for paperwork to get a cheque. The elderly still ought to visit the centre to get a cheque. Later, when cheques are deposited in a bank, they will take a further 2-3 days time period to be cleared. Only after the clearance, account holders will be able to withdraw amounts from ATMs. This initiative has done nothing to ease the pain of senior citizens. They still have to wait for long hours in banks. It is suggested that such step should be taken which can facilitate investors at large. One suggests that the CDNS install their own ATMs with biometric option so that the elderly can get the amount of profit on time without waiting for long hours.

Dr Alfred Charles

Karachi