In order to extend the portfolio of Prime Minister's Youth Business Loans Scheme, the State Bank of Pakistan (SBP) on Thursday allowed private banks to disburse loans without balloting under the scheme. According to IH&SMEFD Circular Letter No 07 of 2015 issued on April 2, 2015, the SBP has made some amendments to the previous circular issued for the Prime Minister's Youth Business Loan scheme.
"Private banks are exempted from the balloting condition under Prime Minister's Youth Business Loans Scheme," the circular said. All other instructions on the subject shall remain unchanged, it added.
Presently two banks including National Bank of Pakistan and First Women Bank Limited are disbursing loans under the scheme. Loans to all women applicants are being granted without balloting, while loans to other applicants are being disbursed through a proper balloting process.
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