Editorial
Expatriate bank in operation
Efficiency and honesty will be crucial
A long overdue step has at last been taken. We commend the government for delivering on a promise that seemed consigned to back burner. Happily, it has kicked off with a paid up capital of Tk 100 crore which for the tasks it has set itself sounds rather meagre. A lion's share of the initial capital comes from the expatriate welfare fund.
The specialised fund is to serve three purposes: one, it will extend loan to workers obtaining jobs to migrate to their place of work with the job serving as collateral. Two, the bank through its branches in Bangladeshi manpower recipient countries will help channeling remittances of the workers to their relatives in Bangladesh. Aside from these two functions, the bank has plans to provide loans to expatriate workers to enable them to set up business at home on return.
Like any other bank it will function and grow depending on the deposits by the subscribers. Let's not forget that the rationale behind setting up this bank is to save the intending migrant workers from the clutches of money lenders or obviating the need to sell landed property to procure travel and visa-related funds. They fall an easy prey to deception and exploitation both at home and in host countries due to their helplessness and inherent vulnerabilities. This is where we think the bank should be more focused rather than on channeling remittances although quite understandably that is also the service the workers should like to utilise for safe remittance.
In other words, we want the bank headquarters in Dhaka to be really dynamic in providing loans to intending migrants to enable them to join their posts. Of course, the sooner the Expatriate Bank opens the required number of branches abroad and its capital swells in keeping with demands for funds, the better it will be. The bank would need to be provided with properly qualified hands who must also be honest, sincere and competent to do a good job of their assignment.
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