LAHORE, June 3: The Punjab Provincial Co-operative Bank Ltd (PPCBL) has granted over Rs9.067 billion worth loans to farmers on soft terms.

Official sources told APP on Sunday that the procedure of seeking loan has been simplified for the convenience of farmers.

As many as 539,943 farmers have benefitted so far from the loans, disbursed through 62,783 registered societies.

Sources said that Rs2.328 billion was disbursed to 16,262 societies comprising 145,388 borrowers for Kharif crop during 2000; a sum of Rs2.155 billion was advanced to 135,633 members of the 15,212 societies for Rabi crop 2000-2001.

They said that Rs2.208 billion loans were granted to 125,574 borrowers of 15,534 societies for Kharif crop 2001 while Rs2.375 billion was disbursed to 133,348 farmers of the 15,775 societies.

Loans for the current Kharif crop were being advanced to farmers at their doorsteps.

About the pace of recovery, the sources said that societies automatically repay their loans after harvesting or marketing their produce. Otherwise, the circle registrar who has been empowered as district collector, realizes the loans from defaulters under the Land Revenue Act.

“The pace of recovery is satisfactory,” sources said.—APP