• Download the Constitution of Pakistan
  • Advertise
WRITE FOR US
Economy.pk
No Result
View All Result
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Economy

State Bank sets Rs1.7 trillion agriculture credit target for FY22

by News Desk
December 21, 2021
in Economy
Reading Time: 2 mins read
State bank
Share on FacebookShare on Twitter

State Bank sets Rs.1.7 trillion agriculture credit target for financial year 2022. Dr. Reza Baqir lauded banks performance in FY21.

Governor State Bank of Pakistan (SBP) Dr Reza Baqir Monday lauded banks performance in achieving the unprecedented level of agriculture credit disbursement of Rs1.4 trillion in FY21.

Chairing an annual meeting of Agricultural Credit Advisory Committee (ACAC) in Multan, he appreciated the fact that despite COVID-19 pandemic challenges, collective efforts of 50 financial institutions under ACAC guidance helped achieve 91% of assigned target, according to a news release. In his inaugural speech, Dr. Reza Baqir emphasized that banks leadership could now take this journey to the next level of qualitative improvement in agriculture credit in line with the strategic shift and key policy actions taken by SBP.

Announcing current year’s agriculture credit target of Rs 1.7 trillion with 5 million borrowers, the governor marked the insistent need to address quality of credit, its geographical imbalances and uneven distribution amongst different categories of borrowers.

On the occasion, the SBP governor announced two new measures to help boost agriculture financing. First, a comprehensive scoring model to rank banks according to key agriculture credit indicators and targets. To foster a competitive environment, the banks performing well will duly be recognized whereas under performing banks will be strongly encouraged to focus on metrics where improvement is needed. The second measure designates a bank volunteering to serve as a champion/lead bank in an underserved province/area.

Further steps in this regard include establishing help desks in under-served areas to facilitate farmers, and launching targeted and collaborative awareness drives for an extensive outreach. He concluded that SBP’s vision will serve two-fold purposes; enhancing farmers financial inclusion while providing more lending opportunities to the banks.

Upon convening ACAC meeting in Multan, the governor especially highlighted the immense agricultural potential of the area and the opportunities in expanding agriculture finance. This was followed by a presentation on the performance of banks in agricultural financing. ACAC deliberated on the new directions in agricultural financing, particularly the climate smart agriculture practices and the role that financial institutions can play.

Moreover, the Committee also discussed avenues to enhance efficiency of existing agriculture credit infrastructure across the country. In the second session of ACAC, new and innovative ideas were presented by selected banks and other stakeholders in the area of i) value chain solutions, ii) electronic warehouse receipt financing, iii) digital loan origination system and iv) horticulture value chain financing. ACAC while approving the new ideas, set targets for scaling up pilot projects.

ACAC meeting was attended by senior officials of federal & provincial governments, Presidents/CEOs of banks, members of provincial chambers of agriculture, progressive farmers, representatives of regional farming communities and SBP senior officials.

Tags: AgricultureDr Reza BaqirlatestState Bank
News Desk

News Desk

Related Posts

Pakistan’s exports fall 15pc for seventh month in a row

Pakistan’s exports fall 15pc for seventh month in a row

Pakistan's exports of goods decreased for the seventh consecutive month in March, falling 14.76% year over year to $2.36 billion,...

Pakistan capable to be included in 20 largest economies

Pakistan capable to be included in 20 largest economies

According to Finance Minister Ishaq Dar, Pakistan has the capacity to rank among the top twenty economies in the world....

High Risk Third Countries: EU Commission removes Pakistan from ‘list’

High Risk Third Countries: EU Commission removes Pakistan from ‘list’

The European Commission has removed Pakistan from the List of High-Risk Third Countries, which have strategic deficiencies in their Anti...

China has rolled over its safe deposit of $2 billion with Pakistan on the existing terms as Islamabad’s foreign exchange reserves escaped further decline

China rolls over $2 billion loan to Pakistan

China has rolled over its safe deposit of $2 billion with Pakistan on the existing terms as Islamabad’s foreign exchange...

Work on Dasu hydropower, Islamabad sub station commenced

Work on Dasu hydropower, Islamabad sub station commenced

The Senate Standing Committee on Power Division on Wednesday informed that work on all three lots including Dasu Hydropower Project,...

PM Shehbaz formed committee to transfer DISCOs to province

PM Shehbaz formed committee to transfer DISCOs to province

Prime Minister (PM) Shehbaz Sharif has constituted a 13-member committee to work out transferring the power distribution companies (DISCOs) to...

Next Post
IsDB approves

IsDB approves $252.5m for 2 projects

Please login to join discussion

Recent Posts

  • Court dismisses case against Yasmin Rashid
  • Budget 2023-24: Pakistan plans to hike prices of cars
  • Here is How Many Pakistani Universities Make It to the Times Impact Rankings 2023
  • Sindh to establish international standard resort at Keenjhar Lake
  • Wizz Air starts flights to new destinations in Turkey and Kyrgyzstan

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk