The Financial Express

Palli Sanchay Bank gets Tk 2.5b to overcome capital shortfall

| Updated: February 15, 2021 15:32:19

Palli Sanchay Bank gets Tk 2.5b to overcome capital shortfall

The government has provided Tk 2.5 billion to state-owned Palli Sanchay Bank (PSB) to meet its capital shortage, officials said.

The finance division has recently issued an order setting some conditions to this effect, they added.

The fund would be disbursed to the country's rural poor farmers, returnee migrant workers, trained and unemployed youths etc with an aim to create job/ employment and set up in business, according a source.

As per the conditions, a detailed summary will be submitted to the finance division after disbursing the fund.

The fund will also have to be disbursed as per the government's existing rules and regulations.

The fund has been allocated from the current fiscal year budget that has been kept in the budget to offset the Covid-19 shock on various sectors of the country and minimize the sufferings of the people hit hard by the nationwide shutdown enforced to fend off the deadly virus.

The authorized capital of the bank is Tk 10 billion and its paid-up capital is Tk 2.0 billion, according to the bank.

The main goal of the bank is to eradicate poverty from the country. The poor rural people who will deposit money with the bank will be able to become entrepreneurs, the source said.

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