Islamabad: State Bank of Pakistan has introduced a new loan providing program for farmers in order to make the economy of country more effective and sustainable. State Bank will soon transfer money in governmental and private Banks so that they can give that money to village farmers in easy loan programs. This will help those farmers to produce more agricultural goods.
The program has been started by the name Innovative Rural and Agriculture Finance. On opening of the program acting Governor of State Bank Arshad Mehmood has said that to increase the supply of loans in rural areas State Bank has doubled the percentage of loan for other Banks.
He further said that out of 85 lac farmers, only 25 lac can access the loans that are being provided by Banks, while 23 percent of low class farmers utilize the service. He also added that the percentage of returning loans from the side of farmers is much better than other organizations.
[junkie-alert style=”white”]According to majority of Pakistanis on social media, loans that government is providing are based on interest which is not allowed in the religion. They are trying to create a society that will be based on Haram acts.[/junkie-alert]
Advisor of this program Mehmood Nawaz Shah has said that through providing loans to farmers, unusual increase in agricultural products of the country is being expected. This will also help in building a good economy of country.
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