The Punjab Provincial Co-operative Bank Ltd (PPCBL) has allocated Rs 2.5 billion for advancing agriculture loans for Kharif crops 2014 with effect from 15th April. These loans will be given to small farmers through co-operative societies for sowing, maturing and harvesting cash crops including cotton, rice, sugarcane, vegetables and fruit orchards.
This was stated in a briefing given by the PPCBL management to Secretary Co-operatives Punjab Babar Hayat Tarar here on Friday. The briefing was attended by President / CEO of the bank Syed Talat Mahmood, Additional Secretary Co-operatives Abdullah Shahid and Chief Auditor Co-operatives Irshad Ahmad Shad.
It may be added that PPCBL is the only scheduled bank of the country in the co-operative sector that is on its way to completing one hundred years of its successful operations in Punjab. The meeting was informed that the co-operative bank earned six monthly profit of Rs 315 million from 1st July to 31st December 2013. The bank management took special measures for recovery of current and past non-performing loans during this period. It registered 17,735 loan default cases out of which the banking courts gave 11,696 verdicts in favour of the co-operative bank. Properties of 1,099 loan defaulters have been transferred in the name of the bank.
The bank recovered bad loans amounting to Rs 6064.22 million in four years from 1st July 2009 to 30th June 2013. From 1st July 2013 till March 2014 it recovered Rs 889.52 million outstanding loans. The meeting was further informed that all the branches of the bank had been provided facilities of on-line banking, e-mail and internet. ATM and phone banking will also operational in the bank. Secretary Co-operative stressed upon the PPCBL management to extended maximum, facilities and loans to the small farmers for increasing production of cash crops like cotton, rice and sugarcane that are the back bone of the rural economy.
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