Palli Sanchay Bank
IndustryBanking
Founded2 July 2014 and Dhaka, Bangladesh
HeadquartersDhaka, Bangladesh
Key people
Md. Akram-Al-Hossain (chairman)
Khondoker Ataur Rahman (managing director)
ProductsBanking services
Consumer Banking
Corporate Banking
Investment Banking
Increase
Websitewww.pallisanchaybank.gov.bd

Palli Sanchay Bank (Bengali: পল্লী সঞ্চয় ব্যাংক), Rural Savings Bank, is a state owned bank in Bangladesh.[1] Md. Akram-Al-Hossain is the chairman of the bank.[2] Khondoker Ataur Rahman is the managing director of the bank.[3]

History

On 2 July 2014, the Government of Bangladesh passed the Palli Sanchay Act 2014 to form the Palli Sanchay Bank. The bank was modeled after Grameen Bank, which was founded by Muhammad Yunus. According to the act, the government of Bangladesh would own 51 percent of the shares and members of Ektee Bari Ektee Khamar project (One House, One Farm project) would own rest of the shares. The bank would start with 10 billion taka authorised capital and 2 billion taka paid-up capital.[4][5] The proposal for the bank was opposed by Bangladesh Bank and Bank and Financial Institutions Division of the Ministry of Finance. They recommended that instead of a bank, a financial institute be created. They believed that bank would fail to do its purpose like other specialised banks.[6] The move to create the bank was initially opposed by the Ministry of Finance.[6] The government promised to match deposits after two years.[7] The bank started operating on 1 July 2021 after Ektee Bari Ektee Khamar project closed on 30 June 2021.[3] There are more than 120 thousand rural cooperatives societies linked to the bank.[8]

In 2018, the Palli Sanchay Bank announced plans to open branches in 462 Upazila (sub-district) of Bangladesh, having opened branches in 406 Upazilas by February 2018.[9] In 2020, the bank introduced Grain Stock Loan to provide finance to farmers facing difficulty in selling their produce during the COVID-19 pandemic in Bangladesh. The loans considers grain stock as collateral.[10]

In January 2019, the Palli Sanchay Bank branch manager of Sunamganj District, Tanjil Ahmed, was arrested for assaulting a traffic police officer.[11]

Palli Sanchay Bank had 34.45 billion taka in 2021 which was a decrease of 2.74 billion taka from 37.19 billion taka in 2020.[12] It has deposited 3.04 billion taka with the Bangladesh Commerce Bank Limited.[12] An audit by Bangladesh Bank found evidence of loan forgery and embezzlement.[12] On 14 September, Khondokar Ataur Rahman was appointed managing director of Palli Sanchay Bank.[13]

Board of directors

Name Position Reference
Md. Akram-al-Hossein Chairman [14]
Md. Saheed Ali Director [14]
Md . Haroon Or Rashid Mollah Director [14]
Chandan Kumar Dey Director [14]
Mohammad Mohiuddin Director [14]
Mahtab Jabin Director [14]
Md Yunus Bhuiyan Director [14]
Golam Sarwar Director [14]
Khandaker Ataur Rahman Managing Director [14]

References

  1. ^ "Palli Sanchay Bank moves to create skilled drivers". The Financial Express. Retrieved 21 June 2020.
  2. ^ পল্লী সঞ্চয় ব্যাংক. pallisanchaybank.gov.bd. Retrieved 21 June 2020.
  3. ^ a b "Palli Sanchay Bank working to bring economic emancipation, its MD tells FE". The Financial Express. Retrieved 2022-11-09.
  4. ^ "Palli Sanchay Bank edging closer to reality". The Daily Star. 3 July 2014. Retrieved 21 June 2020.
  5. ^ "Specialised bank like Grameen close to reality". The Daily Star. 8 November 2013. Retrieved 21 June 2020.
  6. ^ a b "Finance ministry says no to specialised bank like Grameen". The Daily Star. 2 October 2013. Retrieved 21 June 2020.
  7. ^ "PM asks youths to form cooperatives". New Age. Retrieved 2022-11-09.
  8. ^ "National Cooperatives Day today". New Age. Retrieved 2022-11-09.
  9. ^ "Palli Sanchay Bank to open branches in all UZs by Mar". The New Nation. Retrieved 21 June 2020.
  10. ^ "Palli Sanchay Bank 'grain stock loan' brings smile to farmers". Daily Sun. Retrieved 21 June 2020.
  11. ^ "Traffic policeman beaten by 'bank official' in Sylhet". The Daily Star. 2019-01-27. Retrieved 2022-11-09.
  12. ^ a b c "Who owns the Tk3,445cr lying in Palli Sanchay Bank?". The Business Standard. 2022-10-07. Retrieved 2022-11-09.
  13. ^ "Ataur becomes Palli Sanchay Bank MD". New Age. Retrieved 2022-11-09.
  14. ^ a b c d e f g h i পল্লী সঞ্চয় ব্যাংক. www.pallisanchaybank.gov.bd. Retrieved 2022-11-09.


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