The Punjab government has transferred the administrative control of Punjab Kisan Bank Limited (PKBL) from the Cooperatives Department to the Finance Department ahead of its formal inauguration on November 20.
Media reported the announcement by Punjab chief minister Maryam Nawaz regarding the establishment of the “Apna Kisan Bank” on October 29 during a meeting with farmers.
She made the announcement vowing to improve farmers’ access to agricultural financing. The development comes after the chief minister announced an agricultural financing package worth Rs17 billion and an increase in financing under the Kisan Card scheme. Punjab CM Maryam is expected to inaugurate the bank on November 20.
Under the proposed financing structure, farmers would be eligible for loans of up to Rs10 million at zero markup, up to Rs30 million at an interest rate of two per cent, and up to Rs50 million at five per cent through the Punjab Urban Unit.
Official Notification:
According to an official notification issued by the Chief Minister’s Office on November 4, the administrative control of Punjab Kisan Bank Limited, formerly known as Punjab Provincial Cooperative Bank Limited, will now rest with the Finance Department.
The notification, issued under Rule 3(4) of the Punjab Government Rules of Business, 2011, also directs the Implementation and Coordination Wing of the Services and General Administration Department to process the necessary amendments to the relevant schedules of the rules in consultation with the Cooperatives, Finance, and Law and Parliamentary Affairs departments.
The proposed bank is part of the provincial government’s broader initiative to expand financial support for the agriculture sector and facilitate farmers in accessing credit for their agricultural needs.
The transfer of administrative control to the Finance Department marks a key administrative development ahead of the planned launch. Sources say the bank will provide further clarity on its operational structure and financing arrangements.
