Islamabad: (Ch Mudassar Iqbal) Prime Minister Imran Khan is scheduled to attend an agreement signing ceremony in Lahore today between the Punjab Government and private commercial banks to ensure processing of agricultural loan to farmers within three days.
The prime minister would be the chief guest of the ceremony of Service Level Agreement to be signed between Punjab Land Record Authority (PLRA) and major private commercial banks that would facilitate farmers in getting required loans from commercial banks easily.
PLRA is the custodian of ownership record of more than 55 million right holders and serves more than four million customers on annual basis.
The Service Level Agreement would introduce a secure digital link with the central database of land records and the banks would be able to verify the current /up-to date status of land for which collateral was requested.
Moreover, the initiative would also reduce the loan processing time from 30 days to just three days by ensuring the instant verification of land ownership.
It would also help the development of land and credit market, bring ease of doing business and decrease litigation.