Palli Sanchay Bank

Palli Sanchay Bank (Bengali: পল্লী সঞ্চয় ব্যাংক), Rural Savings Bank, is a state owned bank in Bangladesh.[1] Mihir Kanti Majumder is the Chairman of the bank.[2]

Palli Sanchay Bank
IndustryBanking
FoundedDhaka, Bangladesh
HeadquartersDhaka, Bangladesh
ProductsBanking services
Consumer Banking
Corporate Banking
Investment Banking
Websitewww.pallisanchaybank.gov.bd

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.[3][4] 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.[5] The move to created the Bank was initially opposed by the Ministry of Finance.[6]

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.[7] 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.[8]

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References
  1. Express, The Financial. "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. "Palli Sanchay Bank edging closer to reality". The Daily Star. 3 July 2014. Retrieved 21 June 2020.
  4. "Specialised bank like Grameen close to reality". The Daily Star. 8 November 2013. Retrieved 21 June 2020.
  5. "Finance ministry says no to specialised bank like Grameen". The Daily Star. 2 October 2013. Retrieved 21 June 2020.
  6. "Finance ministry says no to specialised bank like Grameen". The Daily Star. 2 October 2013. Retrieved 21 June 2020.
  7. "Palli Sanchay Bank to open branches in all UZs by Mar". m.thedailynewnation.com. Retrieved 21 June 2020.
  8. "Palli Sanchay Bank 'grain stock loan' brings smile to farmers". Daily Sun. Retrieved 21 June 2020.
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