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Rajshahi Krishi Unnayan Bank

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Rajshahi Krishi Unnayan Bank
Company typestate-owned bank
IndustryBanking
FoundedRajshahi, Bangladesh
HeadquartersRajshahi, Bangladesh
Key people
ProductsBanking services
Consumer Banking
Corporate Banking
Investment Banking
Increase
WebsiteRajshahi Krishi Unnayan Bank

Rajshahi Krishi Unnayan Bank is a state-owned specialized bank in Bangladesh,[1][2] a specialized financial institution for financing the farmers of the 16 districts of Rajshahi and Rangpur. The headquarters of the bank is in Rajshahi.[3]

History

[edit]

Rajshahi Krishi Unnayan Bank was established on 15 March 1987 through the Presidential Ordinance No 58.[4] The Bank's headquarters are located in Rajshahi.[5] The Bank was made for farmers of Rangpur and Rajshahi divisions.[4] It received 253 branches of Bangladesh Krishi Bank in Rangpur and Rajshahi Division.[6]

The Bank worked with Asian Development Bank to implement Northwest Crop Diversification Project in 2003 to diversify the crops grown in Northern region of Bangladesh.[7]

The Ministry of Finance ordered Rajshahi Krishi Unnayan Bank to reschedule loans to farmers in flood affected areas in August 2004.[8] The bank provided special loans to Monga affected farmers.[9] It provided 6.77 billion taka in agriculture loans below its target of 7 billion taka.[10]

On 26 July 2005, Ashraf Ali was appointed managing director of Rajshahi Krishi Unnayan Bank.[11]

Adviser Mirza Azizul Islam, in charge of the Ministry of Finance in the caretaker government, announced plans to distribute 63.51 billion taka agriculture loans through Rajshahi Krishi Unnayan Bank and seven other banks state owned banks in June 2007.[12] Rajshahi Krishi Unnayan Bank raised their interest rate from 8 to 12 per cent in 2007.[13] In August, former director of Rajshahi Krishi Unnayan Bank Lutfar Rahman, who was also president of Rajshahi Chamber of Commerce and Industries, was sued for taking bribes for approving loan applications.[14]

From 2000 to 2008, the bank waived 180 million taka in interests with 100 million taka waived in 2002 alone.[15] The bank provided funding for tea farming in Lalmonirhat District.[16]

On 26 June 2010, M Shah Nawaz Ali was appointed chairman and Pradip Kumar Dutta was appointed the managing director of the bank.[17]

In July 2011, Rajshahi Krishi Unnayan Bank joined a teach company in partnership with Bangladesh Commerce Bank, Sonali Bank, and Polaris Software.[18]

The Daily Star reported on 17 April 2013 that Rajshahi Krishi Unnayan bank officials were taking bribes to give loans to farmers.[19]

Bangladesh Bank set six conditions for Rajshahi Krishi Unnayan Bank to open new branches in January 2014 including 80 per cent of existing branches must be profitable.[20] Its defaulted loans dropped in 2014.[21]

Farmers in Gaibandha District blocked the branch of the bank protesting loan default cases filed against them and ask for easy conditions on the loans of the bank in July.[22] In November 2015, Rajshahi Krishi Unnayan Bank postponed their recruitment exam in which 24 thousand applicants applied.[23] The applicants blocked Dhaka-Rajshahi Highway protesting the decision.[23]

Muhammad Awal Khan was appointed managing director of Rajshahi Krishi Unnayan Bank on 23 November 2016.[24] It received 550 million taka from the government due to capital deficit at the bank.[25]

Muhammad Nazrul Islam was appointed chairman of Rajshahi Krishi Unnayan Bank in January 2017.[26] It had a 7.43 billion taka cash shortfall.[27] Anti-Corruption Commission sued five officials of the bank for embezzlement.[28]

Rajshahi Krishi Unnayan Bank had a 8.29 billion taka deficit in 2018.[29] Bangladesh Bank reported that the bank was providing loans below cost.[30]

On 23 November 2020, the managing director of Rajshahi Krishi Unnayan Bank A. K. M. Sajedur Rahman Khan was appointed deputy governor of Bangladesh Bank.[31]

Md Zahidul Haque was appointed managing director of Rajshahi Krishi Unnayan Bank on 11 September 2022.[32] 56 officials of the bank were denied promotion by the bank and went to court over the issue.[33]

Management

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Management of the bank is entrusted by the government to a seven-member board of directors. The managing director is the chief executive of the bank.

Board of directors

[edit]
Name Position Occupation Reference
Md. Raisul Alam Mondal Chairman Retired secretary [34]
Md. Zahidul Haque Managing Director Banker [34]
Muhammad Shah Alam Director Additional Director of the Department of Agricultural Extension in Rangpur Division [34]
GSM Jafarullah Director Rajshahi Divisional Commissioner [34]
Md. Sabirul Islam Director Rangpur Divisional Commissioner [34]
Md. Abdur Rauf Director Deputy Director of the Department of Fisheries [34]
Md. Abdul Hye Sarker Director Director of the Rangpur Divisional Livestock Office of the Department of Livestock Services [34]
Md. Shamsul Wadud Director Additional Director Department of Agricultural Extension in Rajshahi Division [34]

References

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  1. ^ "Limited tendering for projects funded by China". The Daily Star. 2016-12-29. Retrieved 2022-11-11.
  2. ^ "Incentive for RAKUB officials raises eyebrows". New Age. Retrieved 2022-11-11.
  3. ^ Bss, Rajshahi (2016-07-02). "Rakub directors want increased transparency". The Daily Star. Retrieved 2022-11-11.
  4. ^ a b Mazid, Muhammad Abdul (18 June 2021). "Rajshahi Krishi Unnayan Bank". Banglapedia. Retrieved 10 May 2016.
  5. ^ "RAKUB commits to reaching services to farmers' doorsteps". The Financial Express. Retrieved 14 February 2016.
  6. ^ "Overview of RAKUB". www.rakub.org.bd. Retrieved 2022-11-11.
  7. ^ "ADB team reviews progress of crop diversification project". The Daily Star. Retrieved 2022-11-11.
  8. ^ Byron, Rejaul Karim. "Free Seed Distribution". The Daily Star. Retrieved 2022-11-11.
  9. ^ "RAKUB's special loan for poor". The Daily Star. Retrieved 2022-11-11.
  10. ^ "NCBs fall 8pc short of farm loan disbursement target". The Daily Star. Retrieved 2022-11-11.
  11. ^ "2 specialised banks get new MDs". The Daily Star. Retrieved 2022-11-11.
  12. ^ "Solid support for farm sector". The Daily Star. Retrieved 2022-11-11.
  13. ^ "The Daily Star Web Edition Vol. 5 Num 1141". The Daily Star. Retrieved 2022-11-11.
  14. ^ "Ex-president of Rajshahi chamber sued for Tk 1.5cr extortion". The Daily Star. Retrieved 2022-11-11.
  15. ^ Byron, Rejaul Karim (2009-10-29). "Tk 3,684cr interest waived in 8 years". The Daily Star. Retrieved 2022-11-11.
  16. ^ Sarker, Rafique; Rangpur (2008-03-24). "Tea cultivation yet to take off in Lalmonirhat". The Daily Star. Retrieved 2022-11-11.
  17. ^ "New faces in Rakub top brass". The Daily Star. Retrieved 2022-11-11.
  18. ^ Rahman, Sajjadur (2011-07-19). "India's Polaris, local banks to set up financial tech firm". The Daily Star. Retrieved 2022-11-11.
  19. ^ Roy, S. Dilip; Lalmonirhat (2013-04-17). "No bribe, no agri loan now Rakub rule, allege farmers". The Daily Star. Retrieved 2022-11-11.
  20. ^ "Specialised banks face restrictions in opening branches". The Daily Star. 2014-01-02. Retrieved 2022-11-11.
  21. ^ Byron, Rejaul Karim (2014-08-12). "Default loans rise in April–June". The Daily Star. Retrieved 2022-11-11.
  22. ^ "Farmers demand withdrawal of certificate cases". The Daily Star. 2015-07-14. Retrieved 2022-11-11.
  23. ^ a b "Job seekers block Dhaka-Rajshahi highway". The Daily Star. 2015-11-20. Retrieved 2022-11-11.
  24. ^ "New managing director for Bangladesh Krishi Bank". The Daily Star. 2016-11-23. Retrieved 2022-11-11.
  25. ^ Byron, Rejaul Karim (2016-07-10). "State banks still in capital deficit". The Daily Star. Retrieved 2022-11-11.
  26. ^ "Rajshahi Krishi Unnayan Bank gets new chairman". The Daily Star. 2017-01-20. Retrieved 2022-11-11.
  27. ^ Uddin, AKM Zamir (2017-12-04). "Capital shortfall plagues 9 banks". The Daily Star. Retrieved 2022-11-11.
  28. ^ "ACC sues four Rakub officials". The Daily Star. 2017-06-06. Retrieved 2022-11-11.
  29. ^ Uddin, AKM Zamir (2018-06-24). "10 banks face capital shortfall of Tk 23,363cr". The Daily Star. Retrieved 2022-11-11.
  30. ^ Alo, Jebun Nesa (2018-11-07). "BKB, Rakub lending at a loss". The Daily Star. Retrieved 2022-11-11.
  31. ^ "Two new deputy governors appointed". The Daily Star. 2020-11-23. Retrieved 2022-11-11.
  32. ^ "Zahidul joins RAKUB as MD". New Age. Retrieved 2022-11-11.
  33. ^ "56 Rakub officials become victims of promotion delay". The Business Standard. 2022-01-22. Retrieved 2022-11-11.
  34. ^ a b c d e f g h "Board of Directors". www.rakub.org.bd. Retrieved 2022-11-11.
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