ISLAMABAD: Minister of Privatisation Daniyal Aziz on Friday proposed amendments into a law to extend credit outreach of banking sector beyond agriculture sector.
Aziz proposed amendment in ‘Loans for Agriculture, Commercial and Industrial Purposes Act 1973’.
“The minister stressed the need for revisiting the… act, which was restricted with only agriculture loaning,” a government statement quoted the privatisation minister as saying. He was heading a meeting to discuss and propose law amendments.
The minister said the deposit base of the banks is fast growing whereas the lending is restricted with the agriculture loaning. He called for enhancing banking sector outreach in the rural areas of the country in order to ensure easy access to credit facility for the people living in underprivileged and far-flung areas of the country. The cabinet had formed an inter-ministerial committee headed by minister for privatisation to propose amendment in the act.
Privatisation minister asked the financial institutions for extending their credit facilities to allied industries for a balanced economic growth and development in the country. The federal minister suggested the banks for considering the provision of credit on basis of disposable income instead of using typical methodology.
Officials of National Bank of Pakistan said the bank’s agriculture loan portfolio stood at Rs50 billion, whereas it is providing credit facilities to around 260,000 farmers. Officials of Habib Bank said the bank lent Rs34 billion to the farmers. Banks’ officials said law amendments will enable the banking sector to extend its outreach to other sectors of the national economy.
KARACHI: Sino Sindh Resources Limited on Wednesday said the coal reserves discovered in Thar would help in solving...
KARACHI: Industry & trade bodies on Wednesday protested against gas shortage to industrial zones and declared to...
KARACHI: Gold rates in the local market went up by Rs50 per tola on Wednesday.According to data released by All Sindh...
KARACHI: The rupee on Wednesday ended slightly weaker against the dollar in the interbank foreign exchange market as...
ISLAMABAD: The government, under its flagship Agriculture Transformation Plan , disbursed around Rs640.6 billion...
ISLAMABAD: The government has decided to procure approximately 0.5 million tons of sugar from the domestic sugar mills...
Comments