The police owned Community Bank, Bangladesh, will begin operation from September with six branches and the head office at Police Plaza. Prime Minister Sheikh Hasina is scheduled to inaugurate the bank.

The managing director of the bank, Md Masihul Huq Chowdhury, said on Monday (Sept 2): “Hopefully, our bank will start its work this month and we have already made all the preparations.”

“If the PM wants then the first account can be in her name.”

From the day of the inauguration, branches will begin operation in Motijheel, Narayanganj, Gazipur, Habiganj and Chattogram.

Like other banks, the account opening and loan facilities of the bank will be available for all.

All preparations have been taken to establish banking software. On Nov 1, 2018, the Community Bank of Bangladesh was listed by the central bank.

A notice was also issued.

Bangladesh Police started to collect Tk 4 billion through welfare trust to establish the bank.

The bank’s MD, Chowdhury, was the DMD of Midland Bank earlier.

On Jan 27, 2016, the rationale for setting up a police bank was explained before the PM, who gave consent to the plan.

All policemen across the country will be given their salaries through the bank and at the moment, police members will be the shareholders; after three years, shares will be floated in the market.

Profits from the bank will go to the police trust account, to be used for financing benefits and other support for the police force. The bank will also give members of the police force facilities like a loan at low interest, loans for home construction or buying land.”

Other benefits on the cards include scholarships for education, technical learning and children etc.

Previously, Shimanto Bank was established for the Border Guards Bangladesh, BGB, in the format of the Army’s Trust Bank.