950815

ABL President

asks officers

to recover loans

from influentials

RECORDER REPORT

MULTAN: President of Allied Bank Shaukat Ali Kazmi has stressed upon the bank officers to expedite the recovery of loans from influential people and desist from issuing insecure and risky loans to save the bank.

Presiding over a meeting of Board of Directors here on Tuesday he said that bankers are custodians of public wealth and they should perform their duties to safeguard the interest of clients. He claimed that Allied Bank was progressing by leaps and bounds.

Shaukat Ali abhored the issuance of loans on political grounds because such loans pushed the financial institutions towards bankruptsy and ruination. He said that people of southern Punjab ever cooperated with the Allied Bank by depositing their savings in it, and we are trying to give them maximum rate of profit.

The meeting was informed that levy of Excise Duty on cheque books, and withholding on the profit had discouraged the depositors. On the other hand, State Bank had imposed a number of restrictions on Allied Bank to discourage the trend of competition among the financial institutions.

The meeting was attended by the directors S Johar Hussain, Rashid Muhammad Chaudhry Muhammad Salim Shaikh, Provincial Chief Punjab, Zulfikar Ali Shah, Circle Executive, Multan, Javed Aziz Chaudhry, Circle Chief of Bawahalpur.