The proposal to establish a specialised bank for the government’s “One House, One Farm” project was approved at the Monday cabinet meeting.
The draft of the Palli Sanchay Bank was approved with the vetting of the law ministry. It now awaits being tabled in parliament to be made into law.
Cabinet Secretary Musharraf Hossain Bhuiyan briefed the media about the development after the meeting.
The move comes as the current government’s term draws to a close.
A 15-member board, eight government appointed men and seven representatives from all the divisions in the country, will be at the helm of the specialised bank.
The position of the seven will be filled by the division level associations of the “One House, One Farm” project each represented by individuals.
The government will own 51% of the bank while the associations would own the remaining 49%.
