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Rural Savings Bank Act, 2014 (Act No. 7 of 2014).

Country/Territory
Bangladesh
Document type
Legislation
Date
2014
Source
FAO, FAOLEX
Long title
An Act made for rural bank savings for the purpose of lending and maintenance of loans, advances and investments of poor and underprivileged people in rural areas.
Subject
Agricultural & rural development
Keyword
Agricultural development Credit Financial agricultural measures Rural employment
Geographical area
Asia, Asia and the Pacific, Indian Ocean, Least Developed Countries, South Asian Seas, Southern Asia
Entry into force notes
This Act enters into force immediately.
Abstract

The Act, consisting of 39 sections, provides for the necessary creation of the Bangladesh Rural Savings Bank entitled to deal with the payment of loans and advances, savings and acquisitions of the poor and underprivileged people in the rural areas. The bank shall be a statutory body having the power to acquire, possess, and transfer both movable and immovable property. The functions of the bank shall be as follows: provide financial services to the members of the society, including cash or loans; encourage the members to maintain, store, deposit and provide loans; grant small and medium level loans to the members; acquire immovable property, lease, grant, rent, etc.; allow market networks of goods produced by the members and provide loans by taking supportive securities to build a facility or any construction by any association; design an action plan to register and include new member association; provide necessary instructions for the management of the financial aspects of associations and related matters; accept pledge, mortgage, or assignment as the security of loans and advances; accept membership of the society and certificates, ownership documents or other valuables; etc.

Full text
Bengali
Website
bdlaws.minlaw.gov.bd