Islamabad:
Fresh investments in national savings schemes have stopped completely due to a major breakdown in the IT system for the Central Directorate of National Savings (CDNs). This collapse has caused billions of rupees in losses to the tax and delayed issuance of digital price bonds.
According to sources, the IT system for the department has been down in the last ten to fifteen days, creating serious difficulties for almost 3.5 million account holders, including retired elderly citizens and retirees.
Officials said there is effort to restore the system, which has only been partially revived so far, which lets customers still have problems.
Payments to account holders are made, but normal operations are still disturbed.
Sources revealed that due to the crash, ATM cards work, the mobile app for online transactions is not working properly and biometric verification has been suspended.
As a result, new accounts cannot be opened; No deposits can be made and no savings schemes or certificates are purchased. This stop has led to significant losses for the government.
Sources added that the department had completed the preparations for the issuance of digital price bonds in church communities of RS5,000, RS10,000, RS25,000 and RS40,000. However, the launch has been delayed due to IT system errors.
CDNs -officials assured that expert teams are working to fully restore the system. They expressed hope that the system would soon be back in operation.
