In the first phase, National Bank of Pakistan (NBP) and First Women Bank Limited (FWBL) are acting as executing agency under the supervision of the State Bank of Pakistan (SBP). Over 35,000 applications have been received by both banks. Majority of applications have been collected by NBP, having a large network across the country.
Sources said NBP has received some 35,000 applications through its 1,341 branches.there is very poor response from women as FWBL has received only 227 applications through its 41 branches.
The government is also likely to review the women quota to address the requirement of other sectors/provinces as the current number of forms did not full the allotted women quota of 50 percent. NBP has approved some 4500-5000 applications, while First Women bank has approved some 60 applications.
All the approved applications will be sent to the PM Youth Loan Scheme Secretariat for balloting, after which both banks will disburse the approved amount among those applicants, which will be selected through balloting, sources said.
Under the loan scheme, unemployed citizens of Pakistan youth group would be given Rs 100,000 to Rs 2,000,000 for initiating their own businesses. Sources said during the recent visit of Karachi, Finance Minister Ishaq Dar reviewed the scheme in a meeting at the State Bank head office and asked NBP and FWBL officials to finalise the processing of application by February-end.
“First Women Bank has also started a special youth loan awareness programme under which women entrepreneurs are being encouraged to apply for the loan.
So far, First Women Bank has conducted some 5 awareness programmes in Karachi and Lahore to motivate women for the loan scheme,” they added. The federal government has allocated some Rs 5 billion in the budget 2013-14 for YBLS and some 100,000 loans.