Non-recovery of loans worth over Rs 44 billion put future of Agricultural Bank at stake

ISLAMABAD Sep 24 (Online): Non-recovery of loans of more than 44 billion rupees has put the future of Agricultural Development Bank at stake.
The bank officials are yet to get the magisterial level powers for recovery.

According to the audit documents, 1 lakh 48 thousand 919 people who took loans from the Agricultural Development Bank took loans of more than 44 billion 46 crore 32 lakh rupees from the bank and have not returned these loans.

Due to which the future of the bank has been seriously threatened, according to the documents, 32 thousand 554 people who took loans under Special Asset Management of more than 11 billion 21 crore rupees and have not made any payment, while taking loans of more than 11 billion 58 crore rupees. 11,982 borrowers went to court instead of paying.

According to the documents, 3 thousand 860 defaulters belonging to Lahore, Okara, Jhang, Multan, Quetta and Sukkur zones, despite having arrears of more than 2 billion 36 crore rupees, no action has been taken against them and no action has been taken for recovery Development Bank officers can be given the powers of magistrates.

In this regard, the bank management is of the opinion that all the resources are used by the bank to recover the loans. Hence we try to recover under the courts and prevailing law.