ISLAMABAD, Dec 14: Zari Taraqiati Bank Ltd (ZTBL) will provide much needed shot for improving financial and operational efficiencies besides enhancing its role in the development of rural and agriculture sectors of the country.

The decision of the government for converting Agricultural Development Bank of Pakistan (ADBP) into a public limited company would not only help improve the efficiency and performance of the bank but also help transform into modern banking institute to provide better service to the people.

Istaqbal Mehdi, who has taken over as president/CEO of ZTBL said after conversion of ADBP into ZTBL here on Saturday.

The conversion of ADBP into ZTBL would inject more autonomy to the institution to improve governance and enhance operational efficiency.

He said new initiatives by the bank will effectively address the barriers, impeding the agriculture sector growth besides underpinning the financial plight of growers and farmers in a pragmatic manner.

Important goals of the restructuring plan, Istaqbal said would help retrieve the bank in the right direction, expand activities at minimum cost to facilitate the growers and improve quality of services.

He said the reorganization and conversion of ADBP into Zari Taraqiati Bank has been completed and the new entity has started its countrywide operations from Saturday.

Mehdi said the new corporate structure redefines the banks status as a public limited company with an independent Board of Directors promulgated under the presidential ordinance which aims at ensuring good governance, autonomy, delivering high quality, viable and timely financial services to a greater number of clientele in the agricultural and rural segment of the country with adequate returns to the stakeholder.

ZTBL has been registered with SECP as a public limited company under the Companies Ordinance 1984 and by virtue of Finance Order, all assets, liabilities proceedings undertaking of ADBP stands transferred to and vested in Zari Taraqiati Bank, he added.

He said the bank would be now free in its function with no interference or pressure from any quarter. Earlier the bank was functioning like a pure government institution and permission has to be sought on every step for moving forward.

“Now the bank management board will be fully empowered to run the affairs of the ZTBL”, he added.

Answering a question about the response of the bank staff towards golden handshake scheme, ZTBL president said that more than 2,000 employees of the bank have opted for Voluntary Golden Hand Shake Scheme, offered by the bank to its employees.

He said the bank has established a task force for improving the operational performance of the staff and it was monitoring the disbursement, recovery operations and performance of field functionaries.

He said the task force comprised 10-15 officers and each officer will head a desk exclusively to monitor 3-4 regions.

Mehdi said this task force will be responsible to evaluate performance of each MCO, Manager and Regional Manager on the achievement of bank’s policies regarding credit and recovery periodically.—APP