Banks Disbursed Record RS 1.4 Trillion in Agricultural Loans
Lahore: According to the latest report, Dr Reza Baqir, Governor of the State Bank of Pakistan (SBP), on Monday praised banks for extending an unprecedented Rs 1.4 trillion agricultural loan available in 2020-21.
Despite the barriers posed by the Covid-19 pandemic, Dr Baqir admitted at the annual meeting of the Agricultural Credit Advisory Committee (ACAC) in Multan that the combined efforts of 50 financial institutions working under the leadership of ACAC has allowed to achieve 91% of the total . purpose.
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Together with SBP’s strategic shift and key policy measures, the bank’s management can take this journey to the next level in improving the quality of agricultural lending, he said.
Governor emphasized the importance of addressing credit quality, regional imbalances, and uneven distribution among different groups of borrowers by announcing the agricultural credit target for the current year. is 1.7 trillion rupees with 5 million borrowers.
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He announced two new steps to help improve agricultural finance: first, a comprehensive scoring model to rank banks based on key agricultural credit indicators and targets, and second: a scoring model to rank banks based on key agricultural credit indicators and targets. To establish a competitive atmosphere, successful banks will be given the recognition they deserve, while underperforming banks will be encouraged to focus on measures that need improvement.
He explained that the second criterion is for a volunteer bank to act as a champion/leading bank in an underserved region or region. Other steps in this direction include establishing help desks in underserved areas to assist farmers and introducing targeted and collaborative awareness campaigns to reach a wider audience.
According to him, the goal of SBP will serve two purposes: improving farmers’ access to finance while providing banks with more lending opportunities.
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