On
the recommendations of the Committee for Standardization
/ Simplification of Agricultural Credit Documents, constituted
under the Chairmanship of Muslim Commercial Bank Limited
and Habib Bank Ltd., as its Secretary along with all heads
of Agricultural Credit Departments / Divisions of National
Bank of Pakistan, United Bank Ltd., Allied Bank of Pakistan
Ltd., Zarai Taraqiati Bank Ltd. (former ADBP), Bank Al-Habib
Ltd., Askari Commercial Bank Ltd., Bank of Khyber Ltd.,
Bank of Punjab Ltd., as members
and State Bank of Pakistan as Coordinator, the following
revised / standardized / simplified documents have been
accepted unanimously for financing of different categories
of agricultural loans.
1)
The Revised IB-7 (appended as Annexure-A) was approved
as a common 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),
to be implemented / adopted by all Commercial Banks and
Domestic Private Banks immediately.
2)
The Revised Loan Application Form (in Urdu, containing
Borrowers Basic Facts Sheet) was also accepted as a common
and uniform Application Form (appended as Annexure-B) to
be implemented / adopted by all Commercial Banks and Domestic
Private Banks immediately.
3)
The
Committee agreed to use the list of common documents (appended
as Annexure-C) in uniformity,
in addition to the Revised IB-7 and the Revised Loan Application
Form.