950822

HBL recovers

Rs 3.39 bn on

account of Yellow

Cab scheme

MULTAN: The Habib Bank Limited has been able to recover around Rs. 3.39 billion out of the total borrowing of Rs. 9 billion on account of yellow cab scheme, so far.

This was stated by the Vice-President and Incharge of the Recovery of Prime Minister's Transport Scheme of HBL, Pir Dedar Ahmed Sarhandi at a press conference here on Tuesday.

He said, the bank had given Rs. 9 billion to various borrowers for the purchase of around 26,000 yellow cabs under the scheme during the previous regime.

He said, during the period from August 1 1994 to Aug 20 1995, the bank has been able to recover Rs. 74 million by impounding around 1200 vehicles during the period.

He claimed that an indiscriminate recovery scheme has been launched by the bank on the directives of Prime Minister, Benazhir Bhutto.

While citing details regarding the recovery campaign, he said the lethargic attitude of the borrowers towards the repayment of the dues is a matter of great concern.

He said, "no person no matter how influential would not be spared and each penny on account of the yellow cab lent would be recovered".

Answering a question, he said if the borrowers failed to clear their dues, the utstanding amounts would be recovered by putting their vehicles on open auction.-APP