Wednesday, June 19, 2024

Finance ministry gives nod to Palli Sanchay Bank

The ministry of finance on Thursday gave approval to set up Palli Sanchay Bank despite reservation showed by Bangladesh Bank for yet another specialised bank.
The ministry gave the approval at a meeting presided over by finance minister AMA Muhith at the secretariat. Muhuth told reporters that the central bank had not opposed setting up any specialised bank, but had reservation about establishment of any commercial bank.
But it was reported that BB gave negative opinion about the new bank when the Banking and Financial Institutions Division sought opinions in this regard.
BB said such financial institutions established earlier had failed to achieve their objectives.
Muhith dismissed the allegation that the government had hurried to establish the bank.
He also dismissed the allegation that the government was establishing the bank as an alternative to Grameen Bank.
He said the new bank had been planned under the government’s ‘Ekti Bari Ekti Khamar’– one home, one farm – project to give the scheme a permanent shape.
Muhith said it appeared at one stage that the government could not set up the bank in its current tenure.
Thanks to BB governor Atiur Rahman and banking secretary M Aslam Alam, he said, he was hopeful to make a new law in parliament soon. They have prepared a good draft, he said.
Finance ministry officials said there will be a 15-memebr board according to the draft. Eight members will be appointed from public officials and seven from private sector. Divisional quota will be maintained in appointment of members from the private sector.
Authorised capital for the bank has been proposed at Tk 1,000 crore and the paid up capital Tk 200 crore. The government will have 51 per cent share of the bank and others 49 per cent share.
The managing director may be selected either from outside the board or from the board, but the chairman will be picked from the board. Quorum of a board meeting will be filled with the presence of the chairman and three other members.
According to the draft, fund of the Ekti Bari Ekti Khamar project will be transferred to the bank. The project has now Tk 1,332 crore in savings.
A BB general manager had sent the opinion letter to banking division last month saying the Palli Sanchay
Bank would not operate under the central bank.
But it would take loans from the central bank which would create indiscipline in the financial sector, he said.
Also, the proposal that the MD and the board of directors of the bank would be appointed with approval of the BB was inconsistent with the proposition that the bank would not be governed by the central bank.
There are already three specialised banks – Ansar-VDP Unnayan Bank, Probashi Kallyan Bank and Karmasangsthan Bank – which have been established with a view to increasing cash flow for the development of rural people, but they had failed to yield results.

-With New Age input

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