950807

Loan recovery drive

ADBP warns

managers, MCOs

against failure

KARACHI: Agricultural Development Bank of Pakistan (ADBP) will take stringent disciplinary action against its managers and mobile credit officers (MCOs) in Karachi Region who failed to recover defaulted bank loans.

This decision was taken at a meeting held here on Monday at ADBP Karachi region office, presided over by Regional Manager Nisar Ahmed Sheikh. The meeting discussed in detail the agenda for the recovery of outstanding bank loans under the directives of Prime Minister Benazir Bhutto and decided to take strict action against the MCOs and managers in the region.

They were warned that any leniency in this regard would be considered negligence from their duties.

Sheikh directed ADBP managers to arrest loan defaulters and take action for the recovery of outstanding amount by confiscating the property of defaulters under Land Revenue Act.

He also directed them to recover loans with the interest and principal amount due for the year 1995-96. Managers of five ADBP branches in Karachi besides MCO and, regional recovery officer also attended the meeting.-APP