The Federal Finance Ministry has chosen three leading commercial banks for the disbursement of soft loans under the landmark Kamyab Pakistan Program (KPP).
National Bank of Pakistan (NBP), Habib Bank Limited (HBL), and Bank of Punjab (BoP) will be responsible for disbursing soft loans under the KPP that envisions providing Rs. 1.4 trillion worth of loans to 3.7 million families all over the country.
According to details, the Ministry received a total of five bids—four from commercial banks and one from a mortgage liquidity company— in the bidding process of KPP.
The bids from Askari Bank and Pakistan Mortgage Refinance Company (PMRC) were rejected because the former submitted the bidding document unsealed while the latter offered to provide per month amount less than the benchmark set by the Ministry.
The Ministry had initially sought 100% of the total amount of Rs. 30 billion as guarantees but later cut it to 50%. This is the amount that the winning banks are required to disburse among the KPP applicants from November to January in FY 2021-22.
Of the total guarantees, NBP has committed to submit Rs. 9 billion as a guarantee while HBL and BoP have committed to submit Rs. 3 billion each.
Once they submit the guaranteed amount, these banks will start disbursing soft loans worth Rs. 30 billion among KPP applicants.
Of the total amount that is required to be disbursed among the applicants during November to January FY 2021-22, NBP will disburse Rs.18 billion while HBL and BoP will disburse Rs. 6 billion each.
In case of default, the Ministry and the respective commercial bank will share the cost on the ratio of 50:50. The banks initially wanted the cost-bearing ratio to 51:49, with the larger chunk to be borne by the Ministry. However, the ministry rejected the proposal.
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