ZTBL Discloses Financial Embezzlement of Rs. 37.9 Million

Zarai Taraqiati Bank Limited (ZTBL) has revealed a financial misappropriation of Rs. 37.9 million during the meeting of Public Accounts Committee (PAC).

The audit officials, while briefing the PAC, stated that the employees of Okara, Bahawalpur and Jhang branch of ZTBL were involved in misappropriation. President ZTBL Shahbaz Jameel informed the committee that some of the money has been recovered from accused employees, while rests of the cases are with Federal Investigation Agency (FIA).

He highlighted that the bank has earned a pre-tax profit of Rs. 3 billion during June2022. The bank has rescheduled Rs. 12 billion of loans due to farmers, he added.

Acting Governor State Bank of Pakistan (SBP) Dr. Murtaza Syed informed the committee that Jameel Ahmed would take charge as governor within next few days. He also stated that New Chairman of National Bank of Pakistan is yet to be appointed.

Dr. Syed Highlighted that SBP wants more people to open bank accounts. In this regard, it has provided masses with a facility to open digital accounts through mobile phones and computers. Account opening appears to be a difficult process because Pakistan has to fulfill certain international obligations and comply with the terms of the Financial Action Task Force (FATF), he added.

Chairman PAC Noor Alam Khan directed SBP to take action against unlicensed money-changers. He also directed FIA to set-up a special counter at airports to facilitate incoming laborers.



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