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Rajshahi Krishi Unnayan Bank (RAKUB) has set a target of disbursing agricultural loans worth Taka 28.50 billion in the country’s northwest (NW) region during the current 2020-2021 fiscal year to facilitate increasing crop production and enhance rural economy.
The specialised commercial bank will disburse the loans through its 383 branches in all 16 districts under Rajshahi and Rangpur divisions, AKM Sajedur Rahman Khan, Managing Director of RAKUB, said.
Target has also been set to recover loans of Taka 23.00 billion including classified loans worth Taka 7.85 billion and raise deposit collection to Taka 12.00 billion, reports BSS.
Sajedur Khan said target has been set to disburse Tk 9.50 billion for crop, Tk 7.50 billion for SME, Tk 7.00 billion for running agriculture, Tk 500 million for fisheries, Tk 1.00 billion for livestock, Tk 400 million for poverty reduction, Tk 350 million for agro-based industries and Tk 100 million for farm machineries during the current fiscal.
As the largest development partner in agriculture as well as agro-based industry sector of the northwest Bangladesh, currently, the bank has adopted the effective work plan which is being implemented at the grassroots level to attain all the targets within the stipulated time.
Meanwhile, the bank has disbursed Taka 477.8 million loans from the Prime Minister’s stimulus package fund for agriculture in the country’s northwest region.
“We have disbursed the loan among 5,421 farmers through our different branches in all 16 districts till June 30 last,” said Sajedur Khan, adding that the government has allocated fund worth Taka 3.19 billion from the stimulus package.
He said Prime Minister Sheikh Hasina has announced a new stimulus package of Tk 50.00 billion in May last for farmers to boost agricultural production in the backdrop of the Covid-19 fallout.
Sajedur Khan said the money from the fund is being disbursed among small and medium-scale farmers, including those in the poultry and dairy sector, in rural areas, at five percent interest.
“Small and medium-scale farmers in rural areas are getting loans from the fund, and they are using the money to produce agricultural products, flowers, fruits, fish and poultry,” he added.
Besides, the existing disbursement of loans at four percent interest for spices is continuing.
He also said the stimulus package will ultimately contribute a lot towards recouping the losses being triggered by the Covid-19 pandemic.
The bank enhanced its lending activities in multipurpose potential fields for boosting agricultural production, intensifying food security and flourishing poultry and dairy sectors despite the pandemic situation.
Online banking programme is being implemented in the bank aimed at delivering modern banking services.
Sajedur Khan said online banking has already been launched in 119 branches including all of those located in the district towns. All the 383 branches are expected to be brought under the modern services until January next as per the time bound action plan.
Apart from, mobile banking, agent banking, booth banking and ATM services will be launched within the next 2020-2021 fiscal, he added.