KARACHI, Aril 4: The State Bank of Pakistan has asked banks to promote and create awareness about agriculture financing.

The central bank issued a circular on Friday asking the banks to take a number of steps for the promotion of agriculture financing.

“With a view to increasing outreach of agriculture financing, banks are required to create awareness among the farming community about their designated branches involved in agriculture financing and offering agriculture loan products,” said the SBP.

The banks have been asked to display outside the premises of their branches engaged in agriculture finance that “Agriculture Loans Are Available Here” in Urdu and/or regional languages. The banks have also been directed to make arrangements for availability of information in Urdu and/or regional languages in the form of brochures inside their agriculture financing branches about their loan products, eligibility criteria, collateral requirements, terms and conditions, etc. and the same may also be displayed on the notice board of the branches.

The SBP further said that list of all designated agriculture credit branches, along with names, contact details, and salient features of schemes/products being offered for agricultural financing, should be placed on the banks’ website.

“The banks have been advised to comply with the abovementioned instructions by May 5, failing which penal action will be taken under Banking Companies Ordinance,” the circular added.