Daniyal directs financial institutions to expand outreach in rural areas

Muhammad Arshad

Islamabad

Privatization Minister Daniyal Aziz, Tuesday, directed the heads of financial institutions to pay attention to provide financial services to other sectors of national economy for rapid and balanced economic growth in the country. He called upon the financial institutions to enhance their outreach in rural areas of the country to tackle their financial requirements.
While chairing a high powered inter-ministerial committee meeting on Loans for Agricultural, Commercial and Industrial Purposes Act, 1973, he said that agriculture was a lifeline of the economy and lot more is needed to be done in the sector.
He was of the view that we need to revamp the entire policy regarding loans for opening the doors to allied sectors for sustainable development of national economy. The Minister also suggested that the requirement for the provision of produce index unit (PIU) for agriculture loan is to be removed in order to simplify the procedure.
The meeting was held to deliberate upon the future course of action regarding proposed amendments in the act. The amendments were proposed on the initiative of Finance Division in the Cabinet meeting held on 29 January, 2018. The meeting was attended by the advisor to PM on Revenue, Haroon Akhtar Khan, senior officials of State Bank of Pakistan, ZTBL and Ministry of Finance.

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