Summary
- LAHORE: The Punjab government has taken a step towards establishing Punjab Kisan Bank Limited (PKBL), following Chief Minister Maryam Nawaz Sharif’s October announcement of the province’s first ‘Apna Kisan Bank’, by transferring the institution’s administrative control from the Cooperatives Department to the Finance Department.
- According to an official notification issued by the Chief Minister’s Office on November 4, a copy of which is available with Minute Mirror, the chief minister has directed the transfer of administrative control of Punjab Kisan Bank Limited, formerly known as Punjab Provincial Cooperative Bank Limited, to the Finance Department.
- The November 4 notification, issued under Rule 3(4) of the Punjab Government Rules of Business, 2011, states that the administrative control of Punjab Kisan Bank Limited, previously assigned to the Cooperatives Department, shall be transferred to the Finance Department.
LAHORE: The Punjab government has taken a step towards establishing Punjab Kisan Bank Limited (PKBL), following Chief Minister Maryam Nawaz Sharif’s October announcement of the province’s first ‘Apna Kisan Bank’, by transferring the institution’s administrative control from the Cooperatives Department to the Finance Department.
According to an official notification issued by the Chief Minister’s Office on November 4, a copy of which is available with Minute Mirror, the chief minister has directed the transfer of administrative control of Punjab Kisan Bank Limited, formerly known as Punjab Provincial Cooperative Bank Limited, to the Finance Department.
According to sources, Chief Minister Maryam Nawaz is scheduled to formally inaugurate the bank on November 20.
The administrative move follows Maryam Nawaz’s October announcement of the establishment of the province’s first Apna Kisan Bank, alongside an agricultural financing package worth Rs17 billion and an increase in financing under the Kisan Card scheme.
The chief minister made the announcement during a meeting with representatives of small, medium and large farmers, outlining a proposed financing structure aimed at facilitating access to agricultural loans.
Under the announced framework, farmers would be eligible for loans of up to Rs10 million at zero markup, up to Rs30 million at an interest rate of two per cent, and up to Rs50 million at five per cent through the Punjab Urban Unit.
The November 4 notification, issued under Rule 3(4) of the Punjab Government Rules of Business, 2011, states that the administrative control of Punjab Kisan Bank Limited, previously assigned to the Cooperatives Department, shall be transferred to the Finance Department.
“The administrative control of Punjab Kisan Bank Limited (formerly Punjab Provincial Cooperative Bank Limited), presently assigned to the Cooperatives Department, shall be transferred to the Finance Department,” the notification states.
It further directs the Implementation and Coordination (I&C) Wing of the Services and General Administration Department (S&GAD) to process the necessary amendments to the First and Second Schedules of the Punjab Government Rules of Business, 2011, in consultation with the Cooperatives, Finance, and Law and Parliamentary Affairs departments, through a summary for the chief minister.
The notification was signed by Principal Secretary to the Chief Minister and circulated to the chief secretary, secretary of the I&C Wing and relevant officials of the Finance and Cooperatives departments.
The transfer of administrative control represents a formal administrative step ahead of the bank’s planned inauguration.
