MULTAN - State Bank of Pakistan
(SBP) Governor Ashraf Mahmood Wathra has directed the banks to understand needs
of the economy and focus on agricultural financing as it is a viable business
activity, having huge cash flows, and significant contribution to GDP with
strong backward and forward linkages.
He was addressing the annual meeting of
the Agricultural Credit Advisory Committee (ACAC) which was held under his
chairmanship in Multan here on Friday.
The meeting was attended by senior
officers of SBP, presidents and executives from commercial banks, specialised
banks, microfinance banks and Islamic banks, representatives of federal and
provincial governments, and farmer associations.
While delivering his keynote address,
Wathra highlighted the active role played by the central bank for promoting
agri finance in the country. He emphasized that over the years SBP has adapted
itself into the role of a facilitator and developmental partner of financial
institutions to accelerate the growth of agriculture finance in the country.
He further stressed that financial
institutions need to strengthen their agricultural finance policies, increase
dedicated human resource, simplify lending procedures, rationalise lending
rates, work diligently for creating mass awareness, and develop other
prerequisites for building lending portfolios and timely provision of credit to
farmers and harness untapped potential of agri. credit demand in the country.
While concluding, the SBP governor
reiterated the SBP's vision on financial inclusion and the ongoing efforts for
broadening access to finance to the least served segments of the country.
The financial institutions are
encouraged to explore new markets, develop innovative products, increase use of
alternative delivery channels, value chain financing, and create more linkages
for improving livelihoods in the country.
He thanked the participants and hoped
that all stakeholders will play their part in development of country.
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