For the first time police department will join the private commercial banking in the country by launching six of its branches in next week. Prime Minister Sheikh Hasina is expected to formally inaugurate the bank sometimes next week, sources said. Titled - Police Community Bank is ready to be inaugurated. The bank's activities will be simultaneously launched in six branches, including the principal branch, along with the headquarters at Gulshan Police Plaza. Customers can open accounts in the bank soon after the inaugural session on the day.
The Managing Director of the bank, Mashiul Haque Chowdhury informed that the Police Community Bank would officially begin banking activities hopefully from this month. “We have already completed all the preparations ahead of the inauguration,” Chowdhury said. He also said that 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.
Branches of the bank at Motijheel, Narayanganj, Gazipur, Habiganj and Chittagong would also be inaugurated simultaneously on the day. The bank will also have its headquarters in Gulshan Police Plaza. Like other commercial banks, the community bank will also operate in similar manner follow all rules and regulations of the central bank.
In view of the new branch banking, a notification has been issued from the Banking Regulations and Policy Department of Bangladesh Bank. According to the notification, the Community Bank has been listed as ‘scheduled bank’ since November 1, 2013. 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 realise loans at low interest rates in various fields including land purchase, house construction, and business ventures. The members of the police will get various benefits including retirement benefits, their children’s education, technical education, day-care centers.