Prime Minister Sheikh Hasina will formally inaugurate Police Community Bank program in September.

Published : 04 Sep 2019 02:01 PM | Updated : 06 Sep 2020 05:56 PM

Police Community Bank Bangladesh is set to open in September. The bank's activities will be launched in six branches, including the principal branch, along with the headquarters at Gulshan Police Plaza. Prime Minister Sheikh Hasina is expected to formally inaugurate the bank. Customers bank accounts will be opened on that day. Managing director of the bank, Mashiul Haque Chowdhury In this regard said, the Police community bank will begin banking activities hopefully on this month. Prime Minister Sheikh Hasina will formally inaugurate the banking program. We have already done all the preparation.

He also said, the first account in the name of Prime Minister may be opened if the Prime Minister wishes. The activities of the Principal Branch of the Community Bank will be started at the Police Plaza in Gulshan. Motijheel, Narayanganj, Gazipur, Habiganj and Chittagong will be opened from the inauguration day. The bank will also have its headquarters in Gulshan Police Plaza. Like other scheduled banks, this bank will have an account open, and all services, including loans, it will be opened for everyone. A notification has been issued from the Banking Regulations and Policy Department of Bangladesh Bank.

According to the notification, the Community Bank of Bangladesh has been listed as a scheduled bank since November 1, 2013 due to the power of section 3 (2) (A) of Bangladesh Bank Order-12. Owned by the Police Welfare Trust Bank finally was given approved at the meeting of the Board of Directors of Bangladesh Bank on October 25 last year as a new bank. Seeking the bank's approval Police Headquarters applied to Bangladesh Bank in March last year. Former DMD of Midland Bank Mashiul Haque Chowdhury has been appointed as Managing Director of the bank. The community welfare trust is being started by the Community Bank Bangladesh Limited. 

Through this bank, the salaries of the policemen will be paid across the country. The policemen will be the shareholders of this bank. Community Bank's dividend will go to the Police Welfare Trust's account. After three years, Police Community Bank will be share market enlisted bank. The money will be spent through the trust for the welfare of the police members.

Once the bank is profitable, the partners will receive dividends at a fixed rate after three years. Apart from this, the members of the police may be able to provide loans at low interest in various fields including land purchase, house construction, and business ventures. The members of the police will get various benefits including retirement benefits, their child's education, technical education, day-care centers.

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