Palli Sanchay Bank Bill passed

A bill titled ‘Palli Sanchay Bank Bill, 2014’ was passed in the Jatiya Sangsad (Parliament) on Wednesday, aiming to encourage rural people to save their money for their future needs. Finance Minister AMA Muhith moved the bill in the House, which was passed by voice vote. As per the bill, the government’s share in the Bank will be 51 per cent while the rest 49 per cent will be owned by member cooperative societies of the ‘One House One Farm’ project. The bank’s authorised capital will be Tk 10 billion. The bank will have 100 shares of Tk 100 each. The paid-up capital of the Bank will be Tk 2 billion. The Tk 13.42 billion fund of the ‘One House One Farm’ project will be transferred to the new bank intended to help alleviate rural poverty. The government can raise the paid-up and authorised capital through gazette notification while the credit holders will transfer their shares to credit holders of same range. The proposed Palli Sanchay Bank will be governed under the Banking Companies Act and controlled by the central bank, according to bdnews24.com.