About Rajshahi Krishi Unnayan Bank (RAKUB)

Rajshahi Krishi Unnayan Bank is a state-owned bank in Bangladesh

Bangladesh

Bangladesh , officially the People's Republic of Bangladesh is a sovereign state located in South Asia. It is bordered by India on all sides except for a small border with Burma to the far southeast and by the Bay of Bengal to the south...

 specialized financial institution for financing development of agriculture and its backward and forward linkage industries in the Rajshahi division and Rangpur Division at present of the country. The bank was established on 15 March 1987. The bank emerged as the government's plan of intensive care to agriculture of Rajshahi division (Rajshahi and Rangpur Division at present) providing livelihood to 35 million people of the area. The region is less developed compared to other parts, yet full of potentials in agriculture. Rajshahi and Rangpur Division characterized by its surplus food grain production is popularly called the "granary of the country". Besides catering to agricultural credit, RAKUB, as it is acronymed, renders deposit banking services through all the 365 branches. The headquarters of the bank is stationed at Rajshahi city, some 270 kilometer to the north of Dhaka.





RAKUB Activities:
As the largest development partner in the northwest region RAKUB aims at overall development of farmers and all the sectors and sub-sectors of agriculture in this region. The bank also performs functions like financing agri-business and agro-based industries and poverty alleviation programs.




Capital:Authorized capital of the bank amounts to Tk 7500 million. Paid-up capital amounts to Tk 5700 million and reserve Tk 208.50 million as on 25 April 2010.





Credit facilities

Crop Production The Bank finances for production of all the summer and winter crops, horticulture & nursery etc. High yielding and high value crops and seeds production is particularly encouraged. Crop sub-sector alone occupies 60% of the lending budget of the Bank.

Livestock and Poultry: The Bank extends credit facilities for systematic and commercial livestock farming which includes dairy, beef-fattening, poultry, raising and setting up of hatcheries which in turn is expected to increase production of milk, meet and eggs, the main source of protein. As the marginal and small farmers access to mechanized farming is restrained by want of cash and collateral, the bank has a big lending window of draft animals for cultivation of land, transportation of agricultural produces and other farming activities.

Fishery: The Bank attaches importance to use scientific method and modern technology in fish cultivation. It extends adequate credit support for excavation and re-excavation of ponds, round the year cultivation of species, which have rapid growth, cultivation of sweet water prawn and other fishes. The Bank makes use of expertise of the concerned government agencies for bringing more ponds/water bodies under cultivation and increasing productivity.

Irrigation Equipment & Farm Machinery: In today's technology-based farming of high yielding and high-value crops, mechanization of cultivation, irrigation and pest-control is indispensable. To cope with the situation financing power tillers, tractors, tube wells, power-pumps, fertilizer and pesticide application devices.

Agro-industry & Agri-business: The operational jurisdiction of the Bank is noted for its agricultural potentials. The Bank pays due importance to setting up agro-industries for preservation, processing and marketing of agricultural produces having backward linkage with basic sub-sectors of crop, fishery, livestock and forestation. Manufacturing and marketing of agricultural implements are also encouraged. Agro-industries for import sub situation are specially encouraged by offering moderate terms of financing.

Poverty Alleviation: The poverty-stricken area of north-west Bangladesh is characterized by comparatively lower rate of savings, inadequate capital accumulation and slim employment opportunities. The existing collateral-based banking system is also of little use in respect of extending support to the millions of landless people. To address the problem, the Bank has been financing collateral-free micro-credit for income and employment generation through its poverty alleviation credit programs.





Deosit:
The bank gives importance to accumulation of rural small savings through its branches. RAKUB renders all sorts of deposit banking services to its over one million valued customers. The bank operates deposit accounts like Savings Bank Accounts, Current Deposit ccounts, Short Notice Deposit Accounts & Fixed Deposit Account and different saving schemes.
Type of deposit account Interest rate
Savings Bank Account (Urban Area) 5.00 percent
Savings Bank Account (Rural Area) 7.00 percent
Short Notice Deposit Account (SND) 4-5.00 percent
Current Deposit Account 0.00 percent
Fixed Deposit Receipt (FDR) Account Interest rate
from 1 months to below 3 months 8.00 percent
from 3 months to below 6 months 8.50 percent
from 6 months to below 1 years 9.00 percent
from 1 years to below 2 years 9.25 percent `
Krishok Sanchoy Scheme (KSS)
RAKUB Sanchoy Scheme (RSS)
RAKUB Double Money Scheme (RDMS)