The cabinet has approved the draft of the Rajshahi Krishi Unnayan Bank (RAKUB) Act, 2014, keeping the provision for empowering the bank to give loans in the breeding livestock and fisheries sectors.
The draft of the act got the cabinet nod in its regular meeting held yesterday at the secretariat in the capital with Prime Minister Sheikh Hasina in the chair.
The bank will also have the authority to operate agent banking, mobile and online banking as per the proposed draft of the ‘Rajshahi Krishi Unnayan Bank Act, 2014’ which was prepared to legitimise the RAKUB ordinance promulgated during the military period.
The new draft act was prepared following the High Court directive, which had earlier declared the military periods illegal. All the ordinances promulgated under the military rulers also became illegal as per the HC directives.
After the meeting, cabinet secretary M. Musharraf Hossain Bhuiyan told the reporters that the draft was given final approval on a condition of vetting from the law ministry. It will be sent to the parliament for enacting an act soon after vetting by the law ministry.
RAKUB was established in 1986 under an ordinance promulgated by the then-military ruler. The ordinance was enacted in English. However, the law was drafted in Bengali.
“The provision of breeding livestock and cultivating fisheries was included in the definition of agriculture of the RAKUB Act. The processing of livestock and fisheries goods will also be considered as agriculture products under the new act,” he added.
The number of the board member of the bank will be increased to 11 from the existing 7. Rajshahi Divisional Commissioner, Deputy Directors of Department of Agriculture Extension, Department of Fisheries and Department of Livestock of Rangpur division will be included as new member of the board. “A new post of Deputy Managing Director would be created for the bank,” he added.
Bhuiyan noted that the RAKUB has already been running its operation in the districts of newly formed Rangpur division. After starting the operation of RAKUB, the districts of Rangpur division separated from Rajshahi division. The financial statements and reports of the bank will be published in newspapers and on the website of the bank.
The cabinet meeting also finally approved the draft of Khulna Agriculture University, which was earlier decided in principle on October 28, 2013. The university is being established as per the pledge made by the prime minister.
