Amid instructions: Bank to centralise loan system for youth scheme

Delays will be avoided in handing out loans; monitoring team makes surprise visits to review procedure.

ISLAMABAD:

The National Bank of Pakistan (NBP) has decided to centralise the loan approval system at the head office level to avoid unnecessary delays in the disbursement of loans.

According to a statement issued by the Prime Minister’s Youth Programme (PMYP) – which aims at the immediate disbursement of loans to potential beneficiaries – regional heads have been directed to facilitate all successful applicants of the PM Youth Business Loan Scheme (PMYBLS) by establishing dedicated counters in all NBP branches.

The statement revealed that a monitoring team – headed by adviser to the chairperson MNA Leila Khan – conducted surprise visits to various branches of NBP to review the disbursement status of PMYBLS. The assessment was conducted on the directives of the PMYP chairperson Maryam Nawaz Sharif.

During the visit, the monitoring team was updated by the senior management about the overall progress and loan disbursement status of the scheme.

The NBP’s executives informed the team that the PMYBLS was moving on the right track as per the vision of the political leadership. It was told that the procedure for the disbursement of loans to the youth has been streamlined on the directives of the PMYP’s chairperson to ensure a beneficiary-friendly approach.

The PMYP Team was also apprised on the region-wise status and progress of the PMYBLS.

It was decided that a proper monitoring mechanism would be installed to provide regular status updates for loan beneficiaries and track the progress of loan disbursement by the bank.

Published in The Express Tribune, July 23^rd, 2014.