Probashi Kalyan Bank (PKB), a specialised bank for expatriates' welfare, has decided to set up liaison offices in five key places for Bangladeshi migrant workers by next month to provide its services.

Officials of the special financial institution said the move will encourage the country's millions of workforce who are employed abroad to remit money through official channel and accelerate the flow of remittance as a significant amount of such money comes through illegal ways every year.

"We'll open liaison offices in the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), Kuwait, Lebanon and Malaysia by April," PKB Managing Director (MD) CM Koyes Sami told the FE after holding a meeting with labour attaches of Bangladesh in 15 missions abroad.

A bank official will remain attached with Bangladesh missions in these countries and the main responsibility of this official will be to help migrant workers open accounts and encourage them to send money to Bangladesh.

"We'll also open such offices in other missions later on," he said, adding the bank will provide insurance coverage to the fixed-deposit holders and loan takers. "We need to spread the message of functioning of the bank to all the migrant workers," the MD said. 

The bank's authorities requested all the labour attaches who participated in the meeting to act as spokesmen of the bank so that the remitters could know better about the banks.

More than five million Bangladeshis have been working in these five countries in various sectors like construction, garment factories, agro-farms and as house servants who contribute significantly to the country's struggling economy.

Mr Sami said the expatriates' welfare bank had extended its activities to place its services to the doorsteps of migrant workers and their families. As part of it, it has already opened branches in all divisional headquarters of the country.

Syed Zahid Hossain, first secretary (labour) of Bangladeshi High Commission in Singapore, said the bank authorities should immediately take some measures, including developing collaboration with remittance houses, money exchange outlets and local banks in the countries.

First Secretary (labour) of Bangladesh High Commission in Libya Ahsan Kibria said attention of the remitters can be drawn by providing highest rate of interest compared to other banks. 

"Software of the online-based bank needs to be made easier so that the workers can communicate with the bank regularly through internet without coming to the office," he added.

According to Bangladesh Bank, the country received US $ 974.46 million remittance in February compared to US $ 827.46 million in the corresponding period a year ago, recording a 17.69 per cent growth.

The total remittance received in first eight months of the current fiscal year stood at US $ 7.5 billion against $ 7.31 billion in the corresponding period a year earlier.

Financial Express/Bangladesh/ 19th March 2012