Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged Prime Minister Imran Khan to constitute the Board of the Directors of the Zarai Taraqiati Bank Limited (ZTBL) as there is no board since years.
In a statement issued here, FPCCI Standing Committee on Agriculture former Chairman and Secretary General (Federal) of the BMP, Ahmad Jawad said ZTBL Board of Directors is highest body of the bank which approves and monitors the objectives, strategies and overall business plan of ZTBL and oversee all affairs of the institution.
The caretaker government in the last days gave nominations for constitution of Board but could not be notified for want of clearance from SBP. Now it is prerogative of incumbent government (Ministry of Finance) to send fresh nominations of chairman and its members of the Board to State Bank of Pakistan.
He said ZTBL having the largest network of 460 branches and 32 zonal offices is the only specialized financial institutions geared towards the development of agriculture sector through provision of financial services and technical knowhow to the farming community.
Sources in Finance Ministry told Business Recorder that names of new BoD of ZTBL have also already been sent to the State Bank of Pakistan for approval as per fit and proper criteria.
"As the names of new BoD are received from SBP, a summary will be submitted to the cabinet for formal approval," the sources added.
Jawad further said that ZTBL disbursed almost 80% loans for production purposes and 20% for development purposes and in the light of vision of the Prime Minister Imran Khan, the new board may revisit credit policy and divert maximum loans towards development purposes with equal distribution in all provinces.
He was of the view that ZTBL should also increase its credit limit to support horticulture financing as per guidelines given by the SBP in order to increase country's horticulture exports.
Jawad also suggested mix team may be chosen for the board which includes academia of agriculture, progressive farmers, specialized bankers and senior officials from Finance Ministry including one nomination from FPCCI too.