960402

ADBP recovers

Rs 8.8 billion till

March 28

ISLAMABAD: Recovery campaign of the Agricultural Development Bank of Pakistan (ADBP) is progressively gaining momentum and yielding positive results. Upto March 28 of the current financial year, the bank has recovered Rs 8.8. billion as against Rs 6.2 billion during the corresponding period of last year, registering a growth of 42.5 percent.

The ADBP, which has billions of rupees outstanding against defaulters, is making vigorous efforts to recover maximum amount of its dues. Bank's chief, Tariq Sultan himself is on wheel listing each and every region of the bank even in remotest areas of the country to mobilise bank's field force and meeting revenue officials seeking their help in recovery of the bank dues.

In the meantime the bank has issued guidelines for future loans, advising its field functionaries to guard against misutilisation of loans as it defeats very purpose of agricultural development on the one hand and on the other puts bank funds at stake. The employees have been exhorted to follow-up all loan cases to ensure proper utilisation besides taking steps to ensure total recovery of loans.

In the supervised agricultural credit delivery system adopted by the bank, supervision and verification of proper utilisation of loan is a basic requirement, the guidelines stressed. Officers have been warned that in future, any laxity on the part of field functionaries in verification of proper utilisation of loans would not be tolerated.

Mobile credit officers, managers and regional managers have been advised to carry out their field visits regularly. During their visits it should be ensured that properties offered in securities against loans are mutated in favour of the bank so that the bank's interests are safeguarded.-APP