The government appointed Dr Mihir Kanti Majumder as Managing Director (MD) for newly established state run bank Palli Sanchay Bank.

Appointing Dr Mihir Kanti for three years, the Banking and Financial Institutions Division of the Finance Ministry issued a gazette notification on Thursday, reports banglanews.

Dr Mihir Kanti Maujmder was the Secretary of the Environment and Forest Ministry and Rural Development and Cooperatives Division of the LGRD Ministry.

Earlier in July, the prime minister asked authorities establish a new specialized bank named Palli Sanchay Bank to avoid the misuse of deposits made by rural poor.