Overview
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Overview of Rajshahi Krishi Unnayan Bank



Establishment

Rajshahi Krishi Unnayan Bank (RAKUB) was established by the President's Ordinance No. 58 of 1986 (later replaced by 'Rajshahi Krishi Unnayan Bank Act, 2014'). It took over the operations of 253 branches of Bangladesh Krishi Bank of the then Rajshahi administrative division (presently Rajshahi and Rangpur divisions) and started functioning on March 15, 1987. There are 379 branches of the bank including LPO and Dhaka branch among which 193 are in Rajshahi and 184 in Rangpur division. Number of rural branches are 310 while urban 69. RAKUB is the only specialized nationalized bank having its head office outside Dhaka, i.e. at Rajshahi.

 

Capital

Authorized capital of the bank as determined by the government amounts to Tk. 10000 million and paid up capital Tk. 7000 million.

 

Board of Directors

To steer the bank in accordance with the government policies there is a Board of Directors comprised of the chairman and ten other directors as appointed by the government. Besides, there is a three-member executive committee for deciding on emergency policy matters.

 

Deposit Programs


Though a specialized bank, RAKUB performs most deposit banking activities like commercial banks. Special products of the bank include deposit schemes like

:: RAKUB Sanchay Scheme (RSS),

:: Krishak Sanchay Scheme (KSS),

:: RAKUB Daily Profit Scheme (RDP),

:: RAKUB Grameen Pension Scheme (RGPS),

:: RAKUB Grehini Sanchay Scheme (RGSS),

:: Sanchay  Account- School Banking,

:: RAKUB Monthly Savings Scheme (RMSS),

:: Krishok Sanchay Scheme (KSS),

:: Micro Savings Scheme.


Function

Credit Programs

RAKUB caters to financing of all the agricultural activities including

 Crop production,
Fishery,
Animal Resource,
Irrigation equipment & farm machinery,
Crop processing and marketing,
 Agro-industries and
 Agri-business.

The bank pays importance to financing poverty alleviation and employment generation activities, SME and other off-farm activities. The bank disburses 60 percent of its annual target for crop production. The bank’s outstanding loan amounts to Tk. 4,620.03 core and number of borrowers are 8,37,217 (as on 26.01.2017).

 

Foreign Aided Credit Projects

North-west Crop Diversification Project (NCDP)

The ADB financed project finances for high-value crop production. Four NGOs namely BRAC, Proshika, RDRS and GKF draws loan from RAKUB and relends among farmers.

Small Enterprise Credit Program (SECP)

The project is jointly funded by the Royal Norwegian government and RAKUB. It aims at promotion of entrepreneurship in agro-based small enterprises and non-farm activities. The main objective of the project is to create employment through development of small enterprises. It gives priority to financing the women entrepreneurs. Maximum credit limit for a single enterprise is Taka 0.50 million. The project provides training to the entrepreneurs. A process is undergoing for converting the project into a subsidiary company of RAKUB.

Other Special Credit Programs

Special Credit Program for Freedom Fighters,

RAKUB Special Credit Program for Small Ethnic Communities,

Special Credit Program for Government Primary School Teachers,

Credit Program for Overseas Employment,

Collateral-free Group-based Credit Program for the Landless and Sharecroppers,

Credit Program for Production of Pulses, Oilseeds, Spices and Maize at 4% promotional rate of interest and

Green banking programs like biogas and solar plants.

 

Use of IT

Banks in Bangladesh have witnessed sea change in use of information technology during the recent years. To cope with the advancement RAKUB has intensified IT activities. Presently the bank pursues off-line banking. Total 353 branches of the bank have already been computerized (Off-line). Besides the bank has been implementing a plan of computerizing all of its branches by August 2017. All branches will be under CBS by the fiscal year 2017-2018.

 

RAKUB at a Glance

 

Establishment

:

15 March 1987

Authorized Capital

:

Tk. 1000 crore

Paid up Capital

:

Tk. 700 crore

Region

:

Rajshahi & Rangpur Divisions

Area

:

34,513 Square KM

District

:

16

Upazila (administrative tier in between district & union)

:

125

Municipality

:

64

Union (lowest administrative tier) : 1,092
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