Sanctions and disbursements under the "Rozgar Scheme" of National Bank of Pakistan (NBP) will start in November. The NBP President, Syed Ali Raza stated this, while talking to newsmen at the Iftar here on Tuesday. He said that due to short working timings in Ramazan, and the large number of loan applications, the processing was slow.
However, he noted that the processing would get momentum after Ramazan. "We have out sourced the processing under Rozgar scheme and a separate company was examining the applications. The company was checking and verifying contact numbers and locations of loan seekers to minimise the chances of frauds, he added.
Raza pointed out that over 175,000 applications had been received so far under the scheme and more were pouring in. I saw a quantum jump in the disbursement and the bank was expecting to disburse Rs 10 to 15 billion per annum under the scheme, he noted.
To a question about the non-performing loans, he said that 90 percent loans were secured and had provisions in the balance sheet. As soon as they (loans) were recovered they directly go to the profit and loss account, he added.