ZTBL recovery campaign leads to regularization of 5,000 tractors

ISLAMABAD: In what seems to be a major recovery drive, the Zarai Taraqiati Bank Ltd (ZTBL) regularized the appeals of about 5,000 tractor defaulters to pay their late installments to avoid confiscation of tractors. At the moment, the number of outstanding financed tractors is 28,424 across the country.

The bank, under the instructions of President ZTBL Muhammad Shahbaz Jameel, has launched a campaign against the defaulters who habitually do not pay installments of their loans. The drive against repossession of tractors from August till date has resulted in confiscation of about 5,000 tractors in different zones.

“The repossession of tractors does not mean that we deprive farmers of the machinery, rather it is meant to make the farmer pay the outstanding defaulted amount and get tractors back,” Asadullah Habib, Executive Vice President Recovery ZTBL, said.

The recovery campaign, started from August, has so far resulted in regularization of five thousand tractors with maximum recovery witnessed in Muzaffargarh zone where 806 tractors were first confiscated and then regularized after the outstanding default amount was paid by farmers.

Similarly, 730 tractors were regularised in Bahawalnagar followed by Sialkot where 616 tractors were regularised. The number of tractors regularized in Lahore, Sheikhupura, Gujranwala, Dera Ghazi Khan, Bahawalpur and Sargodha is 346, 422, 217, 271, 244 and 95 respectively. During the drive, tractors in different numbers from other zones, including Sukkur, Multan, Vehari, Mirpurkhas and Sahiwal, were also confiscated and regularized.

The drive has resulted in recovery of Rs.1.347 billion, thus, reducing the volume of NPL (non-performing loans) by Rs1.974 billion.