PSB to take over ‘One House, One Farm’ project in 2020

Staff Correspondent | Published at 10:28pm on August 24, 2017

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Finance minister AMA Muhith on Thursday said that there would be no necessity of running ‘One House, One Farm’ project after 2020.
Palli Sanchay Bank would take over the activities of the project, the finance minister said while inaugurating the online services of the bank at the secretariat in Dhaka.
Earlier, Muhith had given opinion against running the project after the establishment of the bank in 2014.
But last year, the government decided to continue ‘One House, One Farm’ project till 2020.
Praising the online activities of Palli Sanchay Bank, the finance minister said 485 branches of the bank would provide online services to the bank’s clients.
He said no bank in the country had taken so extended online activities.
Muhith observed that the bank’s activities would encourage the rural people to save their money more.
Finance Division secretary Hedayetullah Al Mamun, Financial Institutions Division secretary Eunusur Rahman and Palli Sanchay Bank chairman Mihir Kanti Majumder were also present on the occasion.
The finance minister noted that saving tendency had started to grow among people since 1983 that led to drastic changes in the economic activities across the country.
He said people nowadays were not taking micro credit. They are taking loans in groups to run agro products business, he said.
Mihir Kanti Majumder said 51 per cent shares of the bank is owned by the government while the rest is owned by associations formed under ‘One House, One Firm’ project.
He said 4,215 associations were established across the country since the project was initiated by the present government in its previous tenure.
In the recently concluded fiscal year (2016-17), the associations could save Tk 1,142 crore.
The savers receive Tk 200 as incentive for saving Tk 200 from ‘One House, One Farm’ project.
Besides, the associations’ members receive seasonal loans from the project at 8 per cent service charge.
The cumulative overall cost of ‘One House, One Farm’ project that was extended thrice since 2009 would stand over Tk 8,700 crore.