NDBUS signs MOU with DMCBL for providing facilities to NDBUS Savings Program
MoU between NDBUS and DMCBL to provide savings facilities to NDBUS members in slum and squatter settlements of DCC has been signed on 7th April at Dhaka Mercantile Cooperative Bank Ltd. (DMCBL)'s office with presence of visiting savings Expert from Chennai, Ms D. Buvaneswari. Ms Salma A. Shafi, Project Adviser, Urbis and Chairman of DMCBL, Mr Abu Zafar Chowdhury was also present.
NDBUS Chairman Mr Abdul Hamid Fakir and Mr Belayet Hossain, Vice Chairman of DMCBL signed on behalf of respective organisation.
Under this MOU, NDBUS and DMCBL will work in partnership to implement the NDBUS savings program. Specifically, each organization will be responsible for the following:
NDBUS : NDBUS will be responsible to:
1. NDBUS will form savings groups initially in Mirpur and then in other slum areas around Dhaka.
2. Each savings group will be directed to complete the DMCBL account opening forms to set up a bank account in the group’s name with three group members as signatories.
3. Account members will comply with all DMCBL banking norms and requirements.
4. NDBUS will share the different DMCBL savings deposit schemes with members (terms and interest rates).
5. NDBUS will provide detail savings groups meeting schedule which will include group name, date, time and place (location) of group meeting to concerned Branch Manager of DMCBL
DMCBL : DMCBL will be responsible to:
1. Open accounts in the name of the NDBUS group.
2. Provide banking services to NDBUS and its members per the same standards and services offered to all of its clients.
3. Collect monthly savings at the monthly group meeting location and provide the deposit “challan” to the group at that same time without fail.
4. DMCBL will pay 8.5% profit on group savings fund twice in a year i.e., in December and June closing as per existing rules.
5. Assume responsibility for funds collected once the deposit “challan” is given.
6. For withdrawal of funds, the group must present a resolution stating the amount to be withdrawn and to which member it will go. The resolution must be signed by all group members.
NDBUS Chairman Mr Abdul Hamid Fakir and Mr Belayet Hossain, Vice Chairman of DMCBL signed on behalf of respective organisation.
Under this MOU, NDBUS and DMCBL will work in partnership to implement the NDBUS savings program. Specifically, each organization will be responsible for the following:
NDBUS : NDBUS will be responsible to:
1. NDBUS will form savings groups initially in Mirpur and then in other slum areas around Dhaka.
2. Each savings group will be directed to complete the DMCBL account opening forms to set up a bank account in the group’s name with three group members as signatories.
3. Account members will comply with all DMCBL banking norms and requirements.
4. NDBUS will share the different DMCBL savings deposit schemes with members (terms and interest rates).
5. NDBUS will provide detail savings groups meeting schedule which will include group name, date, time and place (location) of group meeting to concerned Branch Manager of DMCBL
DMCBL : DMCBL will be responsible to:
1. Open accounts in the name of the NDBUS group.
2. Provide banking services to NDBUS and its members per the same standards and services offered to all of its clients.
3. Collect monthly savings at the monthly group meeting location and provide the deposit “challan” to the group at that same time without fail.
4. DMCBL will pay 8.5% profit on group savings fund twice in a year i.e., in December and June closing as per existing rules.
5. Assume responsibility for funds collected once the deposit “challan” is given.
6. For withdrawal of funds, the group must present a resolution stating the amount to be withdrawn and to which member it will go. The resolution must be signed by all group members.
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