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PALLI SANCHAY BANK

Cabinet approves draft law for rural savers' bank

Star Business Report
The cabinet yesterday approved the draft law for Palli Sanchay Bank, a specialised bank for rural poor along the lines of Grameen Bank.
Placed by the finance ministry's banking division, the Palli Sanchay Act 2013 is expected to be passed in the current parlia-mentary session following vetting from the law ministry'.
Under the law, the new bank will emerge from the government's "One House, One Farm" project, just as Grameen Bank was born in 1983 following the conversion of Chittagong University's Muhammad Yunus-led project.
Most of the sections of the act will be the same as the Grameen Bank Act 2013 passed last week.
"This bank has similarities and dissimilarities with Grameen Bank. For example, Grameen Bank is a microcredit institution, whereas Palli Sanchay Bank would be a micro-savings institution," Cabinet Secretary M Musharraf Hossain Bhuiyan told reporters.
The purpose of the bank is to mobilise the rural people's savings, he said.
"At present, rural savings
make their way to the urban areas. So if a bank is established that helps keep the savings there, it will benefit the entire region."
Another dissimilarity between the two banks is that Grameen Bank's members are individuals, whereas Palli Sanchay Bank's would be cooperatives of the "One House, One Farm" project, according to the cabinet
secretary.
Grameen Bank provides microcredit without collateral, but Palli Sanchay Bank will provide credit with and without collateral, he said. "When the loan amounts are large, it will seek collateral."
"Another difference is that Grameen Bank does not provide any dividends to its shareholders but Palli Sanchay Bank will."
The government will hold 51 percent of the bank's ownership and the remaining 49 percent would go to the 17,300 member cooperative societies of the "One House, One Farm" project. However, the government will not take any dividends against its shares.
The draft law said the bank's authorised capital would beTk 1,000 crore and paid-up capital Tk 200 crore. The cooperative societies' total fund ofTk 1,342 crore would be transferred to the new bank.
Palli Sanchay Bank will not be governed under the Banking Companies Act, meaning it would remain mostly out of bounds of the central bank. But like Grameen Bank, it would have to submit reports as per Bangladesh Bank's demands and its audited reports would be presented via gazette notification and placed in the parliament.
The bank's board of directors will consist of 15 members and the secretary of the Rural Development and Cooperatives Division will be its ex-officio chairman.
Seven directors will be selected from the shareholders, with the government appointing the other eight.
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The managing director can be appointed from the board or from outside, with Bangladesh Bank having the final say. He/she would be allowed to serve in the position until 65 years of age, in contrast to the maximum age of 60 for the Grameen Bank MD.
The activities of the specialised bank, in many aspects, would also resemble those of Grameen Bank. Like Grameen Bank, it will collect deposits and lend to its members.
The bank will provide small loans with the aim to alleviate poverty and get the rural poor into the habit of saving.
But Palli Sanchay Bank will differ from Grameen Bank in that it would also conduct general banking activities for its members.
The "One House, One Farm" is a project under the Annual Development Programme, the first phase of which started in 1997. The second phase of the project