LAHORE: The Punjab government will amend the law to abolish the Punjab Cooperative Liquidation Board (PCLB) and hand its affairs over to Punjab Board of Revenue (PBR).
The PCLB was established in 1993 when the co-operative banks and corporations were wound up and the Punjab Undesirable Cooperative Societies (Dissolution) Act, 1993 was enacted.
Sources said some amendments would be made to the Act after which the Cooperatives Department Act would replace all PCLB Acts.
The said Act was amended for the first time in 1997 and then in 2020. A total of 102 cooperative banks and corporations were liquidated under this Act. The government has leased properties worth billions of rupees owned by the PCLB.
Sources said after the amendment, PCLB employees would be accommodated in other departments as per the government policy.
After an amendment in Punjab Undesirable Cooperative Societies (Dissolution) Act, 1993, PCBL would cease to be a department.
The PCLB runs Punjab Provincial Cooperative Bank, which provides loans to farmers for development of agricultural sector in addition to gold loans, business finance for SMEs, houses, livestock running finance, tractor finance, agri production and credit. It also provides loans under crop schemes.
The management of this bank would remain with the Department of Cooperatives Punjab, the sources said.
