The digital infrastructure of the National Savings Center is collapsed and it is not possible to invest new investments in the savings schemes and issue digital prize bonds. This has caused inconvenience to most account holders and is currently disrupting 3.5 million account holders, pensioners included, as a result of the disruption, which has been happening over the last one and a half weeks.
According to the officials, technical teams are busy trying to fix the technology platform, and that there would be no disruption in regular payments to customers. Sources indicated that the system blackout has left the ATM card service as well as the mobile version of the online transaction application non-operational. Also, biometric verification is turned off, which has temporarily blocked all new investments.
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National Savings was to introduce digital prize bonds of denominations Rs. 5,000, 10,000, 25,000 and 40,000. The launch, however, has already been delayed because of the current malfunctioning of the digital system. Officials state that as soon as the infrastructure is renewed, these investment opportunities will start working again, granting those who have accounts improved digital services and access to their money more quickly.
The incident also brings out the increased dependence on modern digital-based financial services and the significance of robust IT systems to facilitate unhindered investment activities.
