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8/20/2019 Pak kissan news letter
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ADBP converted into Zarai Taraqiati Bank to provide credit tosmall farmers
KARACHI (December 14 2002) : The Federal Government has converted the Agricultural Development Bank of Pakistan (ADBP) into Zarai Taraqiati Bank Ltd
(ZTBL) and the new venture has started its operation with immediate effect.
The new corporate structure redefines the banks statue as a public limitedcompany with an independent Board of Director promulgated under thepresidential ordinance which, aims at ensuring good governance, autonomy,delivering high quality, viable and timely financial services to a greater number of clientele in the agricultural and rural segment of the country with adequate returnsto the stakeholder.
Zarai Taraqiati Bank (ZTBL) has been registered with SECP as a public limitedunder the Companies Ordinance 1984 and by virtue of Finance Order, all assets,liabilities proceedings undertaking of ADBP stands transferred to and vested inZari Taraqiati Bank with effect from December 14, 2002.
The Management of ZTBL has taken up the task to reinvigorate new spirit tostrengthen the institutional capacity and efficacy of this new corporate entity toexpand its outreach so as to ensure that agri credit is made available ataffordable cost to greeter number of small farmer, women and rural poors.
It is worth mentioning that the formal financial s ector is catering to Busch lesser percentage of agri and rural credit demand at aff ordable r ates and that a largeproportion of such demand is met through the infor mal sector at exorbitantinterest rates.
The restructuring of ADBP and its conversion to ZTBL basically aims atextending swore credit to the needy segment of productive and yielding agri andnon-farm activities. It is hoped that this step shall greatly enhance the creditdistribution mechanism. The quintessence of the initiative of is basically aimedat increased functional autonomy, improved services, enhanced farmproductivity, streamlining institutional credit and increased outreach in terms of small farmers and women folk.
Under the net corporate entity ZTBL is to act as a catalyst in rural and agriculturesector for alleviating poverty and ensuring greater outreach.
The corporate structure of ZTBL in terms of operational efficiencies, riskmitigating factors and organisational optimal mix stands geared up to acclimatisewith agriculture needs and to be a proactive financial institution for economicdevelopment and sustainable agriculture growth.
Courtesy Business Recorder
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