October 14, 2014 – BR Report –
The Punjab Provincial Co-operative Bank Ltd (PPCBL) has allocated Rs 2.5 billion for advancing agriculture loans for Rabi crops 2014-15, PPCBL spokesman Rana Irshad Ali told us here on Monday. He said the bank has started disbursing loans through Co-operative Societies from Monday that would continue till December 31, 2014 for sowing of wheat, grams, oil seeds, lentils, maize, vegetables, fodder, sunflower and orchards.
These loans are liable to be paid back by June 30, 2015. He said that the PPCBL has issued loan policy for Rabi crops 2014-2015 to enable the small farmers and members of the co-operative committees to achieve much needed agriculture production target. These loans will be advanced hundred percent in cash. President/CEO PPCBL Muhammad Ayub said that under the directions of the State Bank of Pakistan insurance of the crops would be necessary for getting the agriculture loans. The owners or farmers of more than 25 acres of land would have to pay the premium from their own pocket.