ISLAMABAD: The Zarai Taraqiati Bank Ltd (ZTBL) has launched a driver against defaulters and recovered Rs1.347 billion from the bank debtors.
An official said that the recovery campaign had started from August and it has resulted in recovery of Rs1.347 billion, thus, reducing the volume of non-performing loan (NPL) by Rs1.974 billion.
During the campaign, the bank regularised 5,000 tractors appealing defaulters to pay their late installments in order to avoid confiscation of their tractors, he said, adding that maximum recovery was witnessed in Muzaffargarh zone, where 806 tractors were first confiscated and then regularised after the outstanding default amount was paid by the farmers.
He said that the total number of outstanding financed tractors across the country was 28,424 which help small farmers to avail agriculture machinery for cultivation and transportation purposes of their agriculture output from farm to vegetable markets. The official said that the drive against repossession of tractors from August till date has resulted in confiscation of about 5,000 tractors in different zones. “The repossession of tractors does not mean that we deprive farmers of the machinery rather it is meant to make the farmer pay the outstanding defaulted amount and get tractors back in use,”, he said.
Copyright Business Recorder, 2020
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