PM kicks off journey of PSB

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Dhaka, June 22: Prime Minister Sheikh Hasina on Wednesday inaugurated the Palli Sanchay Bank (Rural Savings Bank), a specialized financial institution created for boosting savings and investment of rural people.

The PSB has started its journey with 100 branches across the country.

The Prime Minister has inaugurated 100 branches of the bank through video conference from her official residence Ganobhaban in the city.

“The main objective of foundation of the bank is to safe poor people from the grill of so-called ‘micro credit’ which never help people to come out of poverty trap,” the Prime Minister said while inaugurating the PSB branches.

The bank will encourage people in savings and investment, making role in alleviating poverty and boosting rural economy, she hoped.

Palli Sanchay Bank has been created converting the “One House, One Farm Project” (Ekti Bari Ekti Khamar) taken by Department of Rural Development and Cooperative in 2009 for five years with a vision to make every rural house into a agricultural farm using country’s rich biodiversity and ecosystem.

Under the project 2.2 million people, mostly rural poor and underprivileged, were organized under 40,214 samity (association) to encourage them in environment friendly dairy and poultry farming, horticulture, exchange of ideas, knowledge and technologies, cooperative marketing and savings of earnings.

At the instruction of Prime Minister Sheikh Hasina, the Palli Sanchay Bank has been constituted aimed at continuation of the activities of the “One House, One Farm Project” and savings mentality among the people of those cooperatives.

The parliament enacted the Palli Sanchay Bank Act in July last year aimed at facilitating poor and underprivileged section of rural people for savings, processing transaction and maintenance of their money, giving loan and advance as well as creating opportunities for investment.

Finance Minister Abul Maal Abdul Muhith and LGRD and Cooperatives minister Engineer Khandakar Mosharraf Hossain also spoke on the occasion.

Acting secretary of Rural Development and Cooperative Division Dr Prashanta Kumar Roy gave presentation on the process of transition of the “One House, One Farm Project” to Palli Sanchay Bank while Secretary of the Banking and Financial Institutions Yunusur Rahman gave welcome address.

Mayors of Dhaka Anisul Haq and Sayeed Khokan, PM’s Advisors HT Imam and Dr Moshiur Rahman, former ministers Dr Dipu Moni and Rahmat Ali, Bangladesh Bank Governor Fazley Kabir, PM’s Principal Secretary Abul Kalam Azad and Chairman of the bank Mihir Kanti Majumder were present.

After the inauguration of the branches the Prime Minister exchanged views with the beneficiaries of bank’s Tungipara, Faridpur Sadar and Sylhet Sadar branches.