RAKUB boosts agro-based economy in northwest region

Rajshahi Krishi Unnayan Bank (RAKUB) has been boosting the agro-based economy through financial investment in the country's northwest region.

The specialized state-owned commercial bank has been providing loans to the grassroots farmers to supplement the government efforts of making the country self-reliant in food production.

The Board of Directors of the bank revealed this on Thursday while sharing their views in the 584th board meeting with its Chairman Roisul Alam Mondal in the chair, reports BSS.

Through its 383 branches at present, RAKUB has been operating its activities as the largest development partner in all the 16 northwest districts of Rajshahi and Rangpur divisions targeting the agricultural sector and all its sub-sectors.

As the largest development partner in agriculture as well as agro-based industrial sector of 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.

RAKUB has not only developed the agricultural sector in the country's northwest region but also played a vital role towards its industrialisation.

RAKUB Managing Director Niranjan Chandra Debnath and Directors Dr Dewan Muhammad Humayun Kabir, Abdul Wahed Mondal, Nazrul Islam, Mahmudul Faruque and Obayedur Rahman Mondal joined the meeting held at RAKUB headquarters boardroom.

Niranjan Chandra Debnath said that their bank has attained a neat profit worth Taka 2.98 crore during the last 2023-2024 financial year freeing the curse of continuous losses since its establishment around 37 years back.

"We have attained a neat profit overcoming the losses of Taka 224.15 crore incurred in the previous 2022-2023 financial year," he added.

At present, the number of loss-making branches has been reduced to 12, declining the number to 48 in the last fiscal year from the previous year's 60.

Apart from this, deposit and debit balances have been inclined to Tk 7,180 crore and Tk 7,837 crore from the previous year's Tk 6,777 crore and Tk 7,587 crore respectively.

On the contrary, the balance of classified loans has been reduced to Tk 1,242 crore from Tk 1,430 crore reaching the classified loan to 16 percent from 19 percent.

The bank is bringing all existing agricultural potential sectors and sub-sectors under qualitative and quantitative investments to make the region's agro-based economy more vibrant.