News
Friday, November 22, 2013
PM directs 100% transparency in loan scheme* Balloting for loan scheme to be conducted on monthly basis
ISLAMABAD: Prime Minister Nawaz Sharif Thursday directed the authorities concerned to ensure 100 percent transparency and merit at the administrative level in the Prime Minister’s Business Loan Scheme being launched on December 2.
Any complaints in connection with the transparency of the loan scheme would be entertained on the toll-free number 0800-77000. The prime minister gave these directions while chairing a high-level meeting on the scheme at the Prime Minister’s House. Nawaz was thoroughly briefed on the various phases, details, banks’ processes, training of the banks’ employees and training of loan applicants, etc.
The prime minister said the scheme is an excellent opportunity for the youth of the country to change their destinies for their betterment. Under the Prime Minister’s Business Loan Scheme, 50 percent loans have been allocated for women, especially the educated ones, and five percent quota has been reserved for widows, families of the shaheeds and disabled. The meeting was briefed that a stringent monitoring system would be put in place to save the loan scheme from malpractice and corruption.
“The success of the scheme would hinge on its transparency and merit, and I, myself, by taking its ownership, would ensure it,” said the prime minister. The meeting also decided that the balloting for the loan scheme would be conducted on monthly basis and those applicants who fail to get the loan at a balloting would be considered in the subsequent ballots. “This will be an ongoing process and in the coming months and years, the scheme would be extended to new levels,” the prime minister added.
Nawaz said the private sector banks would also join in the government’s effort to give maximum business and employment opportunities to the people. The prime minister was apprised that the applicants will not be charged for the forms or processing. The meeting was also briefed on the huge response that the loan scheme elicited from the public. Pre-feasibility studies, which help budding entrepreneurs in making their business plans and are available on the Small and Medium Enterprises Development Authority (SMEDA) website have been downloaded in huge numbers and is a testimony of peoples’ deep interest in the loan scheme, the meeting was told. Prime Minister Nawaz directed that those business areas should be given precedence which are of vital national interest, like fish-farming, cattle-farming, gems and jewellery, etc.
The meeting decided that the first year of the loan period will be given as grace period and the loan would have to be repaid in the next six years in easy instalments and the mark-up on loan would be eight percent. Exhorting the youth of the country to gain maximum benefit from the scheme, the prime minister said that they must avail themselves of this golden opportunity to secure their and their families’ future. “The country would also hugely benefit from this great exercise of national activity. It is just the beginning and we have to take this process of progress forward,” said the prime minister.
The prime minister said that youth of the country have to be given opportunity for doing their own decent, good, profitable business for their benefit and for the benefit of their country. The meeting also emphasised on the training of bank staff which has to be deputed for the facilitation and loan processing at banks all across the country. “They should be well-mannered, well-informed and courteous,” said the prime minister. He directed the National Bank of Pakistan (NBP) to hold workshops at the regional and provincial levels to train managers and branch managers for exemplary processing and facilitation of the loan applicants. app
Courtesy www.dailytimes.com.pk