KARACHI, Aug 11: The State Bank has asked all commercial banks except for ZTBL to introduce and use the standardized and revised agricultural credit documents for agricultural loaning purposes under their respective name and monogram with immediate effect.

The central bank said in a statement on Monday that efforts had been made by the committee for standardization of agricultural credit documents and by the SBP to revise the agricultural credit documents strictly in accordance with the provisions of banking laws and practices including Prudential Regulations and without compromising the security and interest of the banks and privileges of the farming community under the enhanced scope of agricultural credit.

On the recommendation of the committee the following revised documents have been accepted unanimously for financing of different categories of agricultural loans.

(i) The revised agreement-cum-guarantee and uniform charge form which covers all legal aspects of the financing and applicable for demand finance/running finance and revolving credit (repayable for a period of three years in full with mark- up each year).

(ii) The revised loan application form(in Urdu containing borrowers basic fact sheet).

(iii) List of common documents

Besides this banks have been asked to introduce and use three sets of standardized agricultural credit documents—two for farm short term and medium/long term farm credit and the third one for non-farm credit.