Islamabad, March 14, 2013 (PPI-OT): For the information of general public, the Spokesman of Zarai Taraqiati Bank Ltd. has said that all affairs of ZTBL are run strictly according to the statutes and regulations laid down by the State Bank of Pakistan which is the regulator. Periodic Inspections are made and the Bank’s Management followed and adhered to the observations made by the regulatory authority. This was stated by him through a press release issued here today.
The Spokesman further stated for the information of general public that the Board of Directors of ZTBL was constituted by the Federal Government vide Notification dated June 14, 2010 after going through a strict clearance procedure under Fit and Proper Test Criteria carried out by SBP. The Non Executive Directors do not draw any salary from the Bank.
The Board has played vital role in providing necessary support to make ZTBL a robust organization which is evident from the profitability of the Bank which aggregated over Rs.11 billion during the tenure of this Board. Mr. Zaka Ashraf while working as the President ZTBL surrendered his salary and bonuses and it was during his tenure that the bank paid over Rs.3 billion to the exchequer
The spokesman also informed that ZTBL follows the policies approved by Board of Directors. The policy related to waiver/write off/remission was formulated by the Board in 2007. Any waiver/remission provided by the Bank in the past years is in line with the applicable policy.
Thus any CFO or Director is bound to work within the approved policies by the Board. Any write off/remission to the companies was allowed as per approved policy of the Bank and has already been disclosed/printed in annual accounts of the Bank as per requirements the relevant regulations. The major beneficiaries of write off/remission policy are the small farmers.
The Board is involved in major policy decisions and affairs of the Bank and does not involve itself in the recruitment of middle management or officer grade. It follows the instructions of SBP in ensuring that the Bank is managed by qualified/skilled staff.
For more information, contact:
Shahzad A. Butt
Vice President Public Relations Department
Zarai Taraqiati Bank Limited. (ZTBL)
Head Office, P.O Box No.1400, Islamabad
Tel: +9251 925 2681
Fax: +9251 925 2682
Cell: +92345 514 5044