Business Notes: BoP chief says loan disbursement on merit

LAHORE: The Bank of Punjab (BoP) would disburse all loans on merit and ‘no pressure of any type from any corner’ would be entertained. Hafeez Akhtar Randhawa chairman, BoP, stated this while addressing the executive committee members of the Lahore Chamber of Commerce and Industry (LCCI), said après release. “The ratio of returning loans in small borrowers is very high that is why the bank will put small borrowers on priority,” he said. Business community obviously plays a very vital role in rotating the economy’s wheel, so they should inform bankers regarding their problems as feed back to improve banking sector. Mr Randhawa said the BoP was specially focusing agri-sector like all other commercial banks, and it has decided to issue loans to the small farmers. Small farmers would also get ‘smart cards’ through which they would be able to get money without having any problem, he added. Further, Mr Randhawa said that the BoP was mainly focusing the success possibilities of any business, for which borrowers were getting loans, rather only to ensure loan’s security. He said borrowers should work hard for the success of the project. Shahzad Ali Malik, vice president, LCCI, said on the occasion that the BoP should adopt the latest banking techniques. He added that the banks should provide covering capital to sick units as these units could be an effective part of Pakistani economy after turning them into working and progressive units. —Staff Report

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