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Benazir Tractor Scheme: ZTBL to distribute 25,000 tractors among farmers
Saturday, September-27-2008

MULTAN (September 27 2008): Zarai Taraqiati Bank Limited (ZTBL) Chairman Muhammad Zaka Ashraf has said that Zarai Bank would introduce Benazir Tractor Scheme and would distribute 25,000 tractors among the farmers. It has already introduced on line banking in Punjab and now it would be expanded to Sindh and Rs 72 billion would be advanced to small farmers @ 8 percent mark-up while an effective action was being taken to recover Rs 75 billion from the chronic and influential defaulters.

Talking to newsmen at the residence of Dr Khalid Khokhar, Director of the ZTBL he said that Kissan Credit card will facilitate the farmers. He said that ZTBL has made elaborate arrangements to advance loans to farmers on soft terms and under "Green Tractor Scheme" of Punjab government.

He said that chief minister Punjab, to bring agricultural revolution, plans to provide a subsidy of Rs 200,000 each to 10,000 farmers across the province through computerised balloting for the purchase of tractor. He said remaining balance of the total cost of the tractor would be advanced by the ZTBL to the concerned manufacturers for onward distribution of tractor to farmers.

He said loans would be disbursed among the farmers on first come first serve basis subject to the completion of all formalities required for loaning. He said ZTBL would have to accommodate the major chuck of the total number of beneficiaries of this scheme because the procedure for grant of loan of ZTBL is simplified with low mark up as compared to cumbersome formalities of other commercial banks.

He said that a record amount of Rs 67 billion production loans would also be disbursed to farmers across the country at their doorsteps during the current fiscal year. He said that last year they disbursed a sum of Rs 67 billion in production loans to farmers, against a target of Rs 60 billion.

These loans were granted to farmers on first-come-first-serve basis under the one window operation, through a network of 342 branches spread across the country. He said foolproof arrangements had been made for transparent disbursal of the loans to farmers at their doorsteps, while various teams from the bank will pay surprise visits to bank branches to monitor the staff's performance in this regard.

Responding to a question about refusal of issuance of loans to farmers at some branches on the pretext of non-availability of funds, the chairman said that fund was made available to all branches on the basis of the number of local population.

Courtesy Business Recorder

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