Wednesday, February 5th, 2020

Karmasagsthan Bank wants Tk 135 crore for government portion of paid up capital

Wednesday, 05 February 2020 | 1:56 am | 20 times

Karmasagsthan Bank wants Tk 135 crore for government portion of  paid up capital

TheFinancial Institutions Division(FID) hasurged the finance division for disbursing of Tk 135 crore for portion of government as a paid up capital of the KarmasangsthanBank. On Sunday (February 2), the FID sent a letter to the finance division, signedby the Senior Assistant Secretary Siddiqur Rahman, for the third time, fordemanding of that amount of Taka forwithdrawal from government exchequer.According to the FID sources, the governmentowned sepecialised Karmasangsthan bankhas not been able to distribute loans due to the prolong capital crisis aslargest portion of young people come to job market every year. This has anegative impact on the employment situationof country’s youth. It is hampering economic development activities in thecountry . Because of this, it was decided 75% of paid up capital of Tk800 crore will be injected in Karmasangsthan bank that is Tk 600 crore . It also decided Tk 135 crore of governemnt protion will be disbursed within shortime.But this money has not been discounted in the last two years.Finance Division sources said thatdue to the negative impact of foreign trade and the financial crisis in thecountry especially in the banking sector, the finance department is going to behard to make extra money.The Financial InstitutionsDivision also said that the last two letters asking for disbursed of Tk 135 crore were requested to inform the progress of the matter. However, it was notreported whether the finance division had taken any action on this issue.The letter states that in the 11thparliamentary elections, the current government’s election manifesto willincrease the tendency of young people to increase entrepreneurship andself-employment through credit bank without further guarantee and the loan willbe increased in simple terms. In view of this, the loan facility has beenraised from Tk 2 lakh to Tk 5 lakh per person, without any security and in simpleterms, through Karmasangsthan Bank.Besides, the target of disbursingthe loan has been set at Tk 1,400 crore in 2019-20 fiscal year, in view of the huge demandcreated by the Karmasangsthan bank. Additional funding is needed to achieve thisincreased debt distribution target.

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