PM Nawaz Sharif dissatisfaction over the pace of disbursements under the PMYBL

Lahore : The Prime Minister Nawaz Sharif has expressed his dissatisfaction over the pace of disbursements to the prospective clients under the PMYBL in general and denial in credit to the applicants in particular.

Being the major bank having leading share in PMYBL, the National Bank has not been able to achieve the desired objectives, he observed.”Our aim is to enable the marginalized segments of society, particularly the unemployed youth, to live with pride; we have always focused our energies to enable the unemployed people to earn their livelihood in a respectable manner”, the Prime Minister stated.

While visiting the Head Office of the National Bank of Pakistan at Karachi,the Prime Minister was briefed on the transformation in NBP and growth over the last three years. The Prime Minister was given a comprehensive presentation on Prime Minister’s Youth Business Loan scheme (PMYBL).It was informed that deposits have raised and assets have increased in addition to higher profits, a press release issued by the PM’s Office here said.

He said the management of National Bank of Pakistan  should employ specialized skills and expertise in the SME sector to expedite the disbursements.

The Prime Minister directed the State Bank of Pakistan to conduct the fact finding audit of the large number of cases rejected under the scheme by the National Bank in three days. He also directed the management of National Bank of Pakistan to come up with a comprehensive and district wise data of the significantly large number of rejected applicants under the denial of credit.

The Prime Minister said it was beyond comprehension that a significantly large number of applicants who were eager to make their living in a dignified manner were declined credit without any valid reason. “This huge rejection needs to be justified; we need to encourage instead of frustrating our youth”, the Prime Minister remarked.

He directed the senior management of NBP to put its heart and soul in the scheme.The Prime Minister said, the scheme has been launched while maintaining utmost transparency and without any favoritism. “We cannot afford unjustified delays in its execution,” he maintained.