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RS 1.7 Trillion Settled for Agriculture Credit Target for FY22 by SBP

Monday in KARACHI, the Governor of the State Bank of Pakistan (SBP), Dr. Reza Baqir, commended banks for achieving an unprecedented level of agriculture credit disbursement of Rs1.4 trillion in FY21 and declared the current year’s target of Rs1.7 trillion with 5 million borrowers.

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The governor launched the insistent requirement to manage credit quality. Its geographic discrepancies and uneven distribution among different sorts of borrowers. Mr. Governor, while presiding over an annual meeting of the Agricultural Credit Advisory Committee (ACAC) in Multan, praised the fact that despite the obstacles provided by the pandemic, the combined efforts of 50 financial institutions under the guidance of ACAC helped achieve 91% of the goal.

The meeting was also attended by federal and provincial government officials, bank presidents and CEOs, members of provincial agriculture chambers, farmers, and representatives of regional farming communities, as well as senior SBP officials.

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In addition, he declared that he will investigate novel techniques to improve agriculture funding, such as a comprehensive scoring model to evaluate banks based on key agriculture credit metrics. In addition, they seek to foster a competitive environment. The selected bank has offered to act as the lead bank in a region or province that is underdeveloped. The installation of assistance desks in underserved areas to aid farmers and the launch of focused and coordinated awareness programs with a wide reach are among the actions that will be implemented to encourage future progress.

Mr. Baqir indicated that the bank’s leadership would contribute to the establishment of new criteria for agricultural progress. The governor of the central bank stressed Multan’s immense agricultural potential in particular. He remarked that several opportunities exist for expanding agricultural funding. The committee also explored measures to enhance the existing national infrastructure for agriculture finance.

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