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Karmasangsthan Bank

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Karmasangsthan Bank
Company typeState owned
IndustryBanking
FoundedDhaka, Bangladesh
HeadquartersDhaka
Key people
MD. Nurul Amin (Chairman)
Shirin Akhter (Managing Director)
ProductsBanking services
Consumer Banking
Corporate Banking
Investment Banking
Increase
WebsiteKarmasangsthan Bank

Karmasangsthan Bank (lit. 'Employment Bank') (Bengali: কর্মসংস্থান ব্যাংক) is a specialised government owned bank in Bangladesh. The bank was founded to finance the unemployed to set up small enterprises.[1][2][3] Ansar-VDP Unnayan Bank and the Probashi Kallyan Bank are two specialised banks like the Karmasangsthan Bank in Bangladesh.[4] MD. Nurul Amin is the present chairperson of the Karmasangsthan Bank.

History

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The bank was founded in 1998 by the Awami League government,[5] with an approved capital of 3 billion taka.[1] The Karmasangsthan Bank was established as per Karmasangsthan Bank Act No.7 of 1998. [1] The bank was founded to increase income of people in rural areas of Bangladesh.[6] According to Sahara Khatun the bank was neglected after the Bangladesh Nationalist Party came to power.[5]

Dewan Mujibur Rahman was appointed managing director of Karmasangsthan Bank in September 2004.[7]

In August 2007, Karmasangsthan Bank donated 416 thousand taka to the Chief Adviser's Relief and Welfare Fund.[8]

The highest interest rate charged by the bank in 2010 was 10 per cent.[9]

Maniruzzaman Khandker, tax advisor to Prime Minister Sheikh Hasina and director of Midland Bank Limited, was the managing director of the bank in 2012.[10][11]

In January 2014, Bangladesh Bank ordered Karmasangsthan Bank to not open new branches and set a series of conditions the bank must meet.[12]

Kaniz Fatema was appointed chairman of the bank in April.[13] Kazi Sanaul Hoq was appointed managing director of Karmasangsthan Bank in August 2019.[14] It provides funding to workers training institutes.[15]

Md Tajul Islam was appointed managing director of Karmasangsthan Bank in January 2020.[16] The government of Bangladesh announced a loan of 20 billion taka to be distributed to Karmasangsthan Bank, Palli Sanchay Bank, Palli Karma Sahayak Foundation, and Probashi Kallyan Bank.[17]

Prime Minister Sheikh Hasina said the bank was providing interest free loans to unemployed youth to start businesses in May 2021.[18] It received part of a 15 billion taka grant from the government of Bangladesh.[19]

Shirin Akhtar was appointed managing director of the bank in January 2022.[20] Md Nurul Amin was appointed chairman of Karmasangsthan Bank in May 2022.[21]

Mr. Md. Sayedul Islam, Former Secretary of the People's Republic of Bangladesh appointed as the Chairman of Karmasangsthan Bank and joined on 18 May 2023.

Board of directors

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Name Position Reference
Mr. Md. Sayedul Islam Chairman [22]
Mr. Arijit Chowdhury Director [22]
Mr. Md. Saidur Rahman Director [22]
Dr. Gazi Md. Saifuzzaman Director [22]
Mr. Abu Saleh Mohammed Ferdous Khan Director [22]
Mr. Mohammad Mamunul Hoque Director [22]
Mr. Arun Kumar Chowdhury Managing Director [22]
Mrs. Jebunnahar Nasrin Secretary [22]

References

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  1. ^ a b c Mazid, Muhammad Abdul. "The Karmasangsthan Bank". Banglapedia. Retrieved 17 November 2016.
  2. ^ Sultana, Sayma (12 November 2016). "Entrepreneurship: A solution for unemployment". The Financial Express. Bangladesh. Retrieved 19 May 2020.
  3. ^ "Karmasangsthan Bank observes Sheikh Russell Day". The Business Standard. 19 October 2022. Retrieved 9 November 2022.
  4. ^ Byron, Rejaul Karim (2 October 2013). "Finance ministry says no to specialised bank like Grameen". The Daily Star. Retrieved 9 November 2022.
  5. ^ a b Bss, Dhaka (1 August 2010). "Evil forces out to foil war crimes trial". The Daily Star. Retrieved 9 November 2022.
  6. ^ "Central bank opposes plan for new specialised bank". Dhaka Tribune. Retrieved 17 November 2016.
  7. ^ "New MD of Mercantile Bank". The Daily Star. Retrieved 9 November 2022.
  8. ^ "More aid for flood victims". The Daily Star. Retrieved 9 November 2022.
  9. ^ Byron, Rejaul Karim (24 May 2010). "Expatriates' bank in sight". The Daily Star. Retrieved 9 November 2022.
  10. ^ "Sponsors of new banks under NBR scanner". The Daily Star. 24 December 2012. Retrieved 9 November 2022.
  11. ^ Byron, Rejaul Karim (9 April 2012). "Nod to 6 more new banks". The Daily Star. Retrieved 9 November 2022.
  12. ^ "Specialised banks face restrictions in opening branches". The Daily Star. 2 January 2014. Retrieved 9 November 2022.
  13. ^ "Karmasangsthan Bank gets new chairman". The Daily Star. 19 April 2019. Retrieved 9 November 2022.
  14. ^ "Karmasangsthan Bank gets new MD". The Daily Star. 25 August 2019. Retrieved 9 November 2022.
  15. ^ "Achieving sustainable development through entrepreneurship and innovation". The Daily Star. 4 April 2019. Retrieved 9 November 2022.
  16. ^ "Karmasangsthan Bank gets new MD". The Daily Star. 6 January 2020. Retrieved 9 November 2022.
  17. ^ Habib, Wasim Bin; Alamgir, Mohiuddin (12 June 2020). "Not so good news for the jobless". The Daily Star. Retrieved 9 November 2022.
  18. ^ "Take up fish farming". The Daily Star. UNB. 23 May 2021. Retrieved 9 November 2022.
  19. ^ Byron, Rejaul Karim; Alam, Helemul (26 July 2021). "Dealing with Pandemic Fallout: Over 17 lakh get govt cash support". The Daily Star. Retrieved 9 November 2022.
  20. ^ "Shirin becomes Karmasangsthan Bank MD". New Age. Retrieved 9 November 2022.
  21. ^ "Karmasangsthan Bank gets new chairman". The Daily Star. 9 May 2022. Retrieved 9 November 2022.
  22. ^ a b c d e f g h "Karmasangsthan Bank". www.kb.gov.bd. Retrieved 9 November 2022.
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