950825

HBL launches

recovery drive

against yellow

cab defaulters

RECORDER REPORT

MULTAN: Habib Bank had provided Rs 9 billion worth of loans under Prime Minister's Public Transport Scheme during Nawaz regime and a total of 2,000 vehicles were given to various seekers but it is matter of grave concern that allottees did not adhere to their responsibilities, and avoided payment of instalments citing one reason or the other.

This was stated by Pir Deedar Ahmed Sarhandi, Vice President of Habib Bank and incharge of recovery cell of Yellow Cab Scheme along with Qazi Muzaffar Ahmed, Senior Vice President and other high officials while talking to newsmen.

They said in 1990-91 43 percent, 1992-93 34 percent and in the year 1994-95 only 28 percent allottees paid their instalments regularly. Whereas some transporters became big guns under this scheme while some owners even got the paint of their vehicles changed as well.

They said Habib Bank has now launched a countrywide recovery drive so the vehicles of defaulters were taken into possession as a result of strict action. A sum of Rs 339.670 million is recovered all over the country.

They clarified a news item that transporters are being victimised under recovery drive as they are being deprived of their livelihood. They said cars and vehicles of such owners were impounded by the bank who were defaulters and were released after payment of overdue instalments.

They warned that otherwise vehicles of defaulters will be auctioned after serving the defaulters a seven days' notice.

They appealed to yellow cab owners to discharge their liabilities by treating the same as their national responsibility so that this outstanding amount of Rs 9 billion can be re-invested in national economy for country's development.