A meeting of Punjab government discussed various issues relating to the proposed conversion of Punjab Provincial Co-operative Bank Limited (PPCBL) into a micro finance bank.
The meeting was chaired by Punjab Minister for Co-operatives Mohammad Anwar and was attended by Provincial Minister for Revenue Gul Hameed Rokhri, Finance Minister Husnain Bahadur Dreshak and Secretaries of Law, Finance and Revenue departments, in addition to Registrar Co-operatives, Punjab and Chairman Task Force on PPCBL.
According to a release issued by the Punjab government on Sunday, the meeting discussed laws relating to conversion of PPCBL into micro finance bank, its infrastructure, restructuring, recovery system and issues concerning small farmers' interests.
The purpose of the meeting was to review the prospective advantages and disadvantages of the proposed plan and to prepare a roadmap aimed at formulating a comprehensive strategy to pass on maximum benefits of the proposed micro finance bank to farmers.
The minister for co-operatives said that the State Bank had directed for taking necessary steps to convert PPCBL into a micro finance bank so that general public and farmers could equally benefit. He said that Punjab Chief Minister would soon be briefed on the issue and PPCBL task force has been asked to make a report in this regard.
The minister said that the government is making efforts to strengthen the economy and, for this purpose, farmers are being provided loans. He said that the government is also looking to the possible difficulties that the farmers could face in getting loans after the PPCBL is made a micro finance bank.
Revenue Minister Gull Hameed said that the real spirit of the co-operative movement should not be affected by implementation of the proposed plan; else the farmers would suffer a lot.
Finance Minister Husnain Dreshak said if the PPCBL is completely changed into a micro finance bank, it will hard hit the interests of farmers.-PR