Crackdown on PPCB defaulters on the cards

Punjab Provincial Co-operative Bank is launching a crackdown on loan defaulters from February 1. Notices are being served on defaulters and in case of failure to clear dues, heavy fines will be imposed on them besides putting them behind bars," official sources told APP on Thursday.
They said during the last five years the bank had advanced Rs 46.33 billion loan out of which Rs 38.86 billion were recovered while Rs 7.5 billion were outstanding. Sources maintained that as the bank was a profit-earning entity, its present set-up was not being changed. However, some professionals have been appointed to run the bank on modern lines. The appointments, they said, were made with approval of State Bank of Pakistan and the Punjab government. Punjab Provincial Co-operative Bank has 159 branches across the province where small farmers are provided with loans on very low mark-up.