Agrani Bank – Special Micro Credit Program (SMCP)

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Agrani Bank Special Micro Credit Program (SMCP)

Agrani Bank emerged as a Nationalized Commercial Bank following the Bangladesh Banks (Nationalization) Order 1972 vide President’s Order No. 26 of 1972 under which former Habib Bank Limited and Commerce Bank Limited and renamed as Agrani Bank. The Bank was incorporated as a State-owned Commercial Bank on 17 May 2007 under the Companies Act 1994. On a going concern basis, Agrani Bank Limited took over the business, assets, liabilities, rights and obligations of Agrani Bank through a vendor’s agreement signed on 15 November 2007 between the Ministry of Finance of the People’s Republic of Bangladesh and the Board of Directors of ABL with retrospective effect from 01 July, 2007.

Special Micro Credit Program (SMCP) has under taken to finance in small farm and other income generating activities. A wide range of rural activities  involved in this program. The main purposes of the program are income generation, employment creation and poverty alleviation. An individual or a group can avail the loan under the credit line. There is a provision to involve NGOs for group development and loan recovery. The maximum loan amount is Tk.50,000 to an individual level. The interest rate is minimum and it is only 9.00% per annum. It is a country wide collateral free credit program.