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Shimanto Bank listed as scheduled bank

  • Published at 12:49 am August 11th, 2016

A circular of Bangladesh Bank yesterday said Shimanto Bank has been listed as the scheduled bank from July 21. The new commercial bank came into being for the welfare of Border Guard Bangladesh (BGB) members. Earlier in January this year, the bank got the nod from the central bank to operate formally. The bank will not operate as fully commercial, but as welfare bank to a large extent. All the profits of the bank will be provided for BGB members and retired persons as loans on simple conditions. The bank will play a vital role in improving overall living standard of BGB members, the proposal described. Shimanto Bank would provide various services and schemes for the Border Guard Bangladesh members like soft loans, pension scheme, house loan, local and foreign aid for health, marriage loan, agricultural loan and One House, One Farm loan. Currently, 56 scheduled banks are operating in the market, of which 39 are private commercial banks. The ruling Awami League government gave licence to nine private commercial banks in 2013.