Probashi Kallyan Bank starts functioning tomorrow
Tuesday, 19 April 2011
Talha Bin Habib
The much-awaited 'Probashi Kallyan Bank' (expatriates' welfare bank) will start functioning from tomorrow (Wednesday). "Prime Minister Sheikh Hasina will formally launch activities of the bank while inaugurating the ministerial meeting of Colombo Process on April 20 at the Pan Pacific Sonargaon Hotel in the capital," Expatriates Welfare and Overseas Employment Minister Engineer Khandker Mosharraf Hossain said Monday at his ministry. The minister said the PM will begin giving loans to some workers who are going abroad on the opening day. He said in the past many expatriates went to different countries by spending around Tk 0.2 to 0.4 million. And most of them collected the amount either by selling their valuable lands or wealth. "The bank will provide loans once the out-bound Bangladeshi workers show their appointment letters. The condition is that the expatriates should send their remittance through the bank. They will be able to pay their loans through installments," said the minister. He said the expatriates who will not take loans from the bank but will prefer sending their remittance through the bank will also get loans if heshe desires to run a business in the country. Mosharraf said, "The interest rate of the bank will be only 9.0 per cent which is lower than those of the other banks". "The Prime Minister will give Tk 50,000 to a male worker and Tk 25,000 each to three women who are preparing to go to Abu Dhabi of the United Arab Emirates (UAE) for employment," Board Secretary of the Probashi Kallayan Bank Mohammed Kefayet Ullah told the FE Monday. "The authorised capital of the bank, a specialised and the first ever full-fledged expatriates' welfare bank in the globe, will be Tk 5.0 billion while the paid-up capital will be Tk 1.0 billion. The rest Tk 4.0 billion will be raised by floating shares in near future. The expatriate Bangladeshis only will be the shareholders of the bank," he said. About the floating of the shares of the bank he said, "The process is under way. We hope we will be able to float the shares by January 2012." Asked on the criteria of the bank loans, he said, "The loan of the bank will be collateral-free. The loan seekers must have a personal guarantor who may be hisher family member or a respectable person in their locality". He said the bank will function from its temporary office at Bangladesh-Korean Technical Centre at Mirpur Darussalam in the capital for the time being. The permanent and central office of the bank will be at 712 Elephant Road in the city soon, he added.
The much-awaited 'Probashi Kallyan Bank' (expatriates' welfare bank) will start functioning from tomorrow (Wednesday). "Prime Minister Sheikh Hasina will formally launch activities of the bank while inaugurating the ministerial meeting of Colombo Process on April 20 at the Pan Pacific Sonargaon Hotel in the capital," Expatriates Welfare and Overseas Employment Minister Engineer Khandker Mosharraf Hossain said Monday at his ministry. The minister said the PM will begin giving loans to some workers who are going abroad on the opening day. He said in the past many expatriates went to different countries by spending around Tk 0.2 to 0.4 million. And most of them collected the amount either by selling their valuable lands or wealth. "The bank will provide loans once the out-bound Bangladeshi workers show their appointment letters. The condition is that the expatriates should send their remittance through the bank. They will be able to pay their loans through installments," said the minister. He said the expatriates who will not take loans from the bank but will prefer sending their remittance through the bank will also get loans if heshe desires to run a business in the country. Mosharraf said, "The interest rate of the bank will be only 9.0 per cent which is lower than those of the other banks". "The Prime Minister will give Tk 50,000 to a male worker and Tk 25,000 each to three women who are preparing to go to Abu Dhabi of the United Arab Emirates (UAE) for employment," Board Secretary of the Probashi Kallayan Bank Mohammed Kefayet Ullah told the FE Monday. "The authorised capital of the bank, a specialised and the first ever full-fledged expatriates' welfare bank in the globe, will be Tk 5.0 billion while the paid-up capital will be Tk 1.0 billion. The rest Tk 4.0 billion will be raised by floating shares in near future. The expatriate Bangladeshis only will be the shareholders of the bank," he said. About the floating of the shares of the bank he said, "The process is under way. We hope we will be able to float the shares by January 2012." Asked on the criteria of the bank loans, he said, "The loan of the bank will be collateral-free. The loan seekers must have a personal guarantor who may be hisher family member or a respectable person in their locality". He said the bank will function from its temporary office at Bangladesh-Korean Technical Centre at Mirpur Darussalam in the capital for the time being. The permanent and central office of the bank will be at 712 Elephant Road in the city soon, he added.