ZTBL runs its affairs strictly under SBP'S regulations

Zarai Taraqiati Bank Limited (ZTBL) is running all its affairs strictly according to the statutes and regulations laid down by State Bank of Pakistan (SBP) which is the Regulator.

For the information of general public, the Spokesman of ZTBL said, periodic inspections are made and the banks management followed and adhered to the observations made by the regulatory authority.

The spokesman said, the Board of Directors of ZTBL was constituted by the federal government vide notification dated June 14, 2010 after going through a strict clearance procedure under fit and proper test criteria carried out by the SBP. The Non Executive Directors do not draw any salary from the bank.

The board has played vital role in providing necessary sup- port to make ZTBL a robust organization which is evident from profitability of the bank.

The last four years aggregating over Rs.11 billion net profit during the tenure of this board. ZTBL has not waived off any loans on the instructions of Ch.

Zaka Ashraf or any other member of the board of directors. The beneficiaries of waiver, were neither influential nor have any relations with ex-President of ZTBL. The spokesman said, the policy for write off remission of the bank is for stuck up loans and is for all the eligible borrowers as per criteria mentioned therein. This is incorrect to say that this policy mainly benefitted to the customers having loans of rupees more than one million. In fact, the major beneficiaries of write off / remission policy are the small farmers. Write off / remission to the companies was allowed as per approved policy of the ZTBL and has already been disclosed / printed in annual accounts of the bank as per requirements of the relevant regulations, the spokesman concluded.