Federal government declares 111 National Savings centres inefficient, mandates cost reduction plans

The Federal government declared 111 National Savings centres inefficient and financially unsustainable. Consequently, National Savings plans to reduce its total number of centres from 374 down to 263.
The government directed the 111 inefficient centres to prepare plans detailing how they will either cut costs or boost their business and deposits. Furthermore, regional directorates must submit business and relocation plans within fifteen days if they consider moving a centre.
If a centre faces closure, the affected location must supply employee details, residential addresses, and preferred alternative posting sites. The Central Directorate of National Savings operates as a state-owned savings bank linked to the Finance Division within the Ministry of Finance.
National Savings raises funds from individual savers to help finance the government's fiscal deficit through non-bank channels.























































