SBP writes off agri-loans for terror hit areas

KARACHI: The State Bank of Pakistan has announced to write off agricultural loans for the areas affected by terrorism under Prime Minister’s relive package.

SBP has issued directives to the banks to immediately stop collection on Rs560 million loans comprising principle and mark up in Malakand Division and tribal region. These loans should be treated as cleared.

The central bank also directed the banks to undertake extensive advertisement of this scheme and make announcements of waiving the loans for the areas in question.

Spokesman SBP Karachi has instructed the borrowers to submit their applications at their respective banks up to Dec 25.