ISLAMABAD, May 7: The finance committee of the National Assembly on Wednesday approved the restructuring plan of the Zari Tariqqiati Bank Ltd (ZTBL).

The meeting was chaired by Mr. Anwar Cheema, MNA, and was attended by Finance Minister Shaukat Aziz and eight other MNAs belonging to PML(Q), PPPP, PML(N) and MMA.

Later, the finance minister told Dawn that the finance committee has agreed to support the new ZBTL amendment bill that seeks two years’ powers to recover arrears of the organisation.

He said ZTBL, formerly known as Agricultural Development Bank of Pakistan (ADBP), has been allowed also to start functioning like a commercial bank to mobilize deposits. The bank, he said, has already applied to the State Bank for getting licence to operate as a commercial banks.

Aziz said that by taking deposits, ZTBL could adequately offer loans to the farmers. “The bank will have much more money to offer credit to the farmers”, he said adding that the government has also decided to convert Rs 16 billion ZTBL loans into equity. The purpose, he said, was to support the new management of ZTBL.

He said a decision has also been taken to allow ZTBL to induct 100 Mobile Credit Officers (MCOs) every year. He said new MCOs will be required to possess a master degree in agriculture to get a job in the bank.

Agriculture, Aziz pointed out, was the main stay of the economy and as such deserved all possible support from the government.