Punjab Provincial Co-operative Bank Limited (PPCBL) has announced loaning policy for sowing, growing and maturing Rabi crops 2012-13 including wheat, grams, lentils, oil-seeds, vegetables, fodder etc from October 1. PPCBL Registrar Kh Dawood Ahmad said here on Monday that the Co-operative Bank would continue advancing agriculture loans till March 15 next year.
Last date for recovery of these loans has been fixed as June 30, 2013, he said, adding PPCBL would impose two percent penalty if the loans were not paid in time. He said co-operative loans would be given in the form of cash, adding that under the policy insurance of all loans would be compulsory.
The Government would pay the premium on wheat, sugarcane, rice, cotton, and maize crops of small farmers having land holding less than 12 and a half acres of land, he added. President/CEO of the Co-operative Bank Liaquat Durrani said that about Rs 2.5 billion soft agriculture loans were given to the members of the co-operative societies to maximise agriculture production of Kharif and Rabi crops.