Karmasangsthan Bank (lit.'Employment Bank') (Bengali: কর্মসংস্থান ব্যাংক) is a specialised government owned bank in Bangladesh. The bank was founded to finance the unemployed to set up small enterprises.[1][2][3]Ansar-VDP Unnayan Bank and the Probashi Kallyan Bank are two specialised banks like the Karmasangsthan Bank in Bangladesh.[4]MD. Nurul Amin is the present chairperson of the Karmasangsthan Bank.
History
The bank was founded in 1998 by the Awami League government,[5] with an approved capital of 3 billion taka.[1] The Karmasangsthan Bank was established as per Karmasangsthan Bank Act No.7 of 1998. [1] The bank was founded to increase income of people in rural areas of Bangladesh.[6] According to Sahara Khatun the bank was neglected after the Bangladesh Nationalist Party came to power.[5]
Dewan Mujibur Rahman was appointed managing director of Karmasangsthan Bank in September 2004.[7]
In August 2007, Karmasangsthan Bank donated 416 thousand taka to the Chief Adviser's Relief and Welfare Fund.[8]
The highest interest rate charged by the bank in 2010 was 10 per cent.[9]
In January 2014, Bangladesh Bank ordered Karmasangsthan Bank to not open new branches and set a series of conditions the bank must meet.[12]
Kaniz Fatema was appointed chairman of the bank in April.[13]Kazi Sanaul Hoq was appointed managing director of Karmasangsthan Bank in August 2019.[14] It provides funding to workers training institutes.[15]
Md Tajul Islam was appointed managing director of Karmasangsthan Bank in January 2020.[16] The government of Bangladesh announced a loan of 20 billion taka to be distributed to Karmasangsthan Bank, Palli Sanchay Bank, Palli Karma Sahayak Foundation, and Probashi Kallyan Bank.[17]
Prime Minister Sheikh Hasina said the bank was providing interest free loans to unemployed youth to start businesses in May 2021.[18] It received part of a 15 billion taka grant from the government of Bangladesh.[19]
Shirin Akhtar was appointed managing director of the bank in January 2022.[20] Md Nurul Amin was appointed chairman of Karmasangsthan Bank in May 2022.[21]
Mr. Md. Sayedul Islam, Former Secretary of the People's Republic of Bangladesh appointed as the Chairman of Karmasangsthan Bank and joined on 18 May 2023.