Both the small industrialists and the traders are the first priority of the Bank of Punjab (BoP) in extending loans as recovery rate in this sector is higher.
This was stated by BoP Chairman Hafeez Akhtar Randhawa while speaking at the Lahore Chamber of Commerce and Industry (LCCI) here on Saturday.
He said the Bank of Punjab would issue loans only on merit without succumbing to any pressure, adding the business community plays an important role in keeping the wheel of economy moving.
He asked them to inform him about the problems they faced regarding banking. Like other commercial banks, he said the BoP was also paying full attention to the agricultural sector, therefore, it had decided to disburse loan amongst small farmers, who would be provided with smart cards, which would enable them to get loan without any difficulty.
The BoP chief also said the Bank of Punjab while issuing any loan would not just concentrate on security of its loaned amount, but would also keep in view the possibilities of success of that venture.
Replying to a query raised by the LCCI VP Shahzad Ali Malik, he stated only owners of sick units would be given loan, who will show seriousness in running them, while those interested in earning just profits by sale of assets, and this facility would not be provided for machinery.
LCCI Vice-President Shahzad Ali Malik stressed the need for providing loans to sick units for their need of running capital and loans for SMEs on low interest rates. He also urged the local investors to come forward to invest in the country so as to encouraging the foreign investors.
The meeting was also attended by BoP Managing Director Hamesh Khan, Sohail Lashari, Muhammad Ali Mian, Noman Kabir and others.
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