Probashi Kallyan Bank (PKB) is a specialized government-owned financial institution in Bangladesh, established in 2010 to provide financial services to non-resident Bangladeshis (NRBs) and their beneficiaries in the country. The primary objective of the bank is to facilitate the economic welfare of the overseas Bangladeshis and their family members through various banking services.
Probashi Kallyan Bank (PKB)
The bank is registered under the Companies Act, 1994, and is regulated by the Bangladesh Bank, the central bank of Bangladesh. PKB operates under the supervision of a Board of Directors, which is appointed by the government of Bangladesh.
PKB offers a range of financial products and services, including deposit accounts, loans, and remittance services. The bank provides savings accounts, fixed deposits, and other deposit schemes for non-resident Bangladeshis. It also offers various loan facilities, including housing loans, education loans, and business loans, to the beneficiaries of the NRBs in Bangladesh.
In addition to these services, PKB also provides remittance services to the NRBs, allowing them to transfer money to their beneficiaries in Bangladesh. The bank has an extensive network of branches and correspondent banks in Bangladesh and abroad, enabling it to offer remittance services to NRBs worldwide.
PKB has been successful in promoting the economic welfare of the non-resident Bangladeshis and their beneficiaries in Bangladesh. The bank has helped to increase the flow of remittances to Bangladesh, which is an essential source of foreign currency for the country. Additionally, PKB’s loan facilities have helped to create opportunities for the beneficiaries of the NRBs to start businesses, buy homes, and pursue higher education.
In conclusion, Probashi Kallyan Bank is a crucial financial institution for non-resident Bangladeshis and their beneficiaries in Bangladesh. With its range of financial products and services, PKB plays a vital role in promoting the economic welfare of the overseas Bangladeshis and their family members, contributing to the country’s economic growth and development.
History of Probashi Kallyan Bank:
PKB was established in 2010 under the Probashi Kallyan Bank Act, 2010, and is headquartered in Dhaka. The idea of establishing a specialized bank for NRBs was first proposed in 2007 by the then Finance Minister of Bangladesh, M. Saifur Rahman. But his government did not agree with this idea. The proposal was later approved by the new government cabinet in 2008, and a bill was passed in the parliament in 2010 to establish Probashi Kallyan Bank as a specialized financial institution.
The main objective of PKB is to provide financial and banking services to NRBs and their families, promote investment in Bangladesh, and contribute to the overall development of the country’s economy. The bank offers various deposit and loan products, including foreign currency accounts, remittance services, and investment financing.
PKB has a network of branches and representative offices in major cities around the world, including New York, London, Toronto, and Dubai, to cater to the needs of NRBs. The bank has also signed agreements with several foreign banks to facilitate remittance transfers and other financial services.
Since its inception, PKB has played a significant role in promoting investment in Bangladesh and supporting the country’s economy. The bank has been successful in attracting NRBs to invest in various sectors of the economy, including real estate, tourism, and manufacturing.
In conclusion, Probashi Kallyan Bank has been instrumental in providing banking services to NRBs and promoting investment in Bangladesh since its establishment in 2010. The bank’s commitment to supporting the country’s economy has made it an essential institution for NRBs and their families.
Law and Regulations for Governing Probashi Kallyan Bank (PKB) :
Probashi Kallyan Bank (PKB) is a specialized government bank in Bangladesh that provides financial services to the country’s overseas migrant workers and their families. As with any bank, PKB is subject to a set of laws and regulations that govern its operations, activities, and relationships with its clients. Here is an overview of the key laws and regulations that apply to PKB.
The Probashi Kallyan Bank Act, 2010:
This is the main legislation that governs PKB. The Act established PKB as a specialized bank with the primary objective of providing financial services to overseas migrant workers and their families. It outlines the powers, functions, and responsibilities of the bank and sets out the rules for its governance, management, and operations.
Download the Probashi Kallan Bank Act 2010
Bangladesh Bank Regulations:
As a licensed bank, PKB is subject to the regulations and guidelines of the Bangladesh Bank, the central bank of Bangladesh. These regulations cover areas such as capital adequacy, liquidity, credit risk management, anti-money laundering, and consumer protection.
Foreign Exchange Regulations:
PKB is involved in foreign exchange transactions as it deals with migrant workers and their families who often receive money in foreign currencies. As such, the bank is subject to foreign exchange regulations that govern the conversion, remittance, and reporting of foreign currency transactions.
Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Regulations:
PKB is required to comply with AML/CFT regulations that aim to prevent the bank from being used for illegal activities such as money laundering and terrorist financing. These regulations require the bank to conduct customer due diligence, monitor transactions, and report suspicious activities to the authorities.
Consumer Protection Regulations:
PKB is also required to comply with consumer protection regulations that aim to ensure that the bank’s clients are treated fairly and that their interests are protected. These regulations cover areas such as disclosure of fees and charges, resolution of complaints, and protection of clients’ personal information.
Labor Laws:
PKB is also subject to labor laws that govern its relationship with its employees. These laws cover areas such as employment contracts, working hours, compensation, benefits, and workplace safety.
PKB is subject to a range of laws and regulations that govern its operations, activities, and relationships with its clients and employees. Compliance with these laws and regulations is essential to ensure the bank’s stability, reputation, and effectiveness in serving its clients.
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