A total of 2,700 villagers of Rupsha upazila in Khulna became self reliant after getting financial support from 45 branches of Palli Sanchay Bank (PSB) under the Ekti Bari Ekti Khamar (EBEK) project, which has recently been renamed as Amar Bari Amar Khamar (ABAK) project.
Palli Sanchay Bank is giving financial support to poor and extreme-poor families for becoming self-reliant by providing them with collateral -free loans and bringing their micro-savings in a revolving credit scheme, said Snigdha Aktar, General Manager of PSB in Rupsha upazila, BSS reports. Snigdha, also the coordinator of ‘Amar Bari Amar Khamar’ project of the upazila, said the PSB, which is focused on bringing in disadvantaged people, especially women entrepreneurs under financial service facilities, has been providing collateral-free loans to rural poor since its inception in 2014. “Unlike many other banks, PSB encourages and helps underprivileged people to become involved in income-generation activities, which eventually are improving their living standard,” Snigdha added. She said PSB provides financial and banking supports only to the members of the Village Development Organisation (VDO) who want to do income-generating activities under the ‘Amar Bari Amar Khamar”, Project.
Currently, the bank has given loan of Taka 3.13 crore among family members of 2017 VDOs in the upazila. The members have so far deposited about Taka 1.86 crore while the government deposited festival bonus of Taka 1.25 crore in their bank accounts. “We have collected 80 percent loan so far from the VDO members who are also PSB holders”, she added. Snigdha Aktar also said PSB is creating huge opportunities for the rural people to help them become self-reliant.
The loans are given for cow fattening, raising dairy cows, manufacturing agro-industrial tools and spare parts, producing vegetable and spices and establishing agro-based small industries, cottage industries, fisheries and nursery.
The amount of loan depends on the investment plan of the borrowers. However, a small entrepreneur can get a loan of Tk 10,000 to 40,000 with 8 percent interest; medium entrepreneur can get a loan over Tk 50,000 to Tk 3,00,000 with 5 percent interest while the PSB are giving 3.5 percent interest to their account holders against their deposit. Besides, the VDO members can take benefit of the different saving products of PSB including general savings, special savings, social security savings, student savings, term deposit and rural pension scheme.
Apart from the financial support, the bank is also providing the VDO members with necessary training to improve their skills on poultry, fisheries, livestock, nursery and agriculture.
Sharing experience about getting services from the PSB, Krishnopada Haldar , a marginal farmer of village Pathorghata in Rupsha upazila, said, ” He successfully set up a dairy farm beside his residence with getting loan of Taka 80,000 this year.
“My income was not enough to meet all of the family expenses. So, I borrowed money from PSB under the ‘Amar Bari, Amar Khamar’ Project for my business,” he said.
“Now, our dairy farm is running well enough to meet the demand for everyday needs besides making savings for future,” Krishnopada said. Like Krishnapada, Jagadish Halder of Patharghata village, Nazma Begum and Sheikh Elias of Gilatala village and Ranjita Das of Kazdia village have also become self reliant in their agro business after getting loan support from PSB.
