Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Monday, July 23, 2018 09:50:27 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Villages can potentially gain Banking business

photo by

By
19th-Nov-2017       
Comments
Share your thought
Post a comment »
Read all () »

The Chairman and CEO of Lockpur Group of Industries and the Chairman of SBAC Bank Limited, S M Amzad Hossain is among the most socially responsible industry owners in the country. His efforts to integrate the rural people into his business empire and advance a forward thinking banking structure have largely went unnoticed in the media. In this intimate interview he shares his stories from the past and his vision for the future, as The New Nation asks him questions related to his industries and his bank.
 
 NN: Why did you go back to your village to invest and build up an industry?
Well, I am from village," he simply said. "I've always wanted to give back to my community. I think industrialization is very capital-city-centric or at least city-centric. So, people are leaving rural areas and flocking toward the cities and you can't really blame them for that.
"I thought that if I bring the machines & set up industry in the villages then they don't have to go to the cities. People who go to cities spend a vast portion of their income on living expenses in the city. Ultimately there is no substantial change in their lives.
If I bring the industry to them, then he can live in their own houses comfortably, without paying rent and work happily.
NN: How big are the industries and how many people actually work in those factories?
SBAC Chairman: When I started, I did not think that I would get where it is now. At this moment, all of these industries together employ 18 thousand people, including officers, engineers, technicians etc. The amazing thing is, among our most skilled technical people like engineers, 30 percent are women. The workers and the supervisors at the industry are 70 percent women. But that's not all. My locality, the Fokirhat Thana, has eight Unions. The 4 Unions among them do not have a single house where at least one person isn't employed at one of my industries. These workers have proper working conditions. They work in shifts and they run the industry successfully.  
NN: why do you set up branches of his bank in remote areas?
SBAC Chairman: Banks are city centric because they want to make quick profit. But if you look closely, these banks are setting up in business hubs, they are making quick profit, but they are also gaining quick defaulters. Whereas, the amount of resource/money in the villages can potentially gain Banking business and the risk of defaulters will be much less. And in the absence of banks, micro credit companies, MLM companies, loan sharks prey on the poor rural people. The rate of interest they impose start from 25 percent and go up."
"So, I thought if I set up a branch there and keep the rate of interest in the single digit. This will be good for the people and the bank can also operate risk free," he added.
 "After I opened up these branches in the villages, they are performing no less than city branches. And I have to reiterate, there is no risk," he assuredly said.
NN: How is his bank doing well based purely on the villages?
SBAC Chairman: We wanted to make the bank customer centric. We wanted to get to the real customers. The bottom line was making a customer friendly bank. When I was in America I used to bank in The Commerce Bank (which is currently known as TD Bank, owned by the Canada Trust). This was the most customer friendly bank in America. The way it became customer friendly was by making the bank 9am to 9pm and 7 days a week. The extended support attracted the clients."
"People are getting engrossed in using technologies very fast. But people still value human contact. It has value and it cannot be ignored. That's why for SBAC Bank, technology is important, its indispensable, but we decided to always value the human element and give priority to it."
NN: what is your vision for the future?
SBAC Chairman: I have made 4 unions poverty free. I want to extend this to beyond my immediate locality. I feel that there are many places around my locality that could benefit from my contribution. And I want to contribute. I want to make the whole area poverty free.
NN: When do you envision this will happen?
SBAC Chairman: I think in the next 5 to 7 years, I will be able to go near the goal. However, I am often immensely bothered by the bureaucracy that you have to go through; in my case even after direct support from the highest level of the Government. But I will not go into that. What I want to say is this: I think if certain problems are handled strictly by the government, then you can build industries anywhere in Bangladesh. If you have electricity, a strong management and the will to spend some time in the rural areas, then it is possible. I would like to do more. All you need is very strict implementation of the rule of law.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Coal missing at Barapukuria


THE Barapukuria coal-fired power plant is going to shut down immediately for an indefinite period as its fuel mysteriously disappeared from a yard.  Two units of the plant, with the capacity of 125MW each, have already been turned off. The other unit, with a capacity of 275MW, was waiting for ...

Sports »

Tokyo christens futuristic 2020 Olympic mascots


AFP, Tokyo :Japanese organisers formally introduced their doe-eyed 2020 Olympic mascots to the world on Sunday, christening them with superhero names that could provide a tongue-twisting challenge to some.The blue-checked Olympic mascot was dubbed "Miraitowa" - combining the Japanese words for future and eternity, organisers said at an event in ...

Football »

Cruz Azul's Edgar Mendez eyes the ball during a national league soccer match against Puebla at the Azteca Stadium in Mexico City on Saturday.


City »

Anisul Islam Mahmud, Minister for Environment, Forest and Climate Change speaking as Chief Guest at a launching of book titled ' The Paris framework for climate change capacity building' at Jatiya Press Club yesterday.


Entertainment »

Why Urvashi has been dropped from heaven?


The stunning Urvashi Rautela always looks radiant in all her Instagram pictures. She makes our jaw drop with every single picture. But this time it would totally be unfair if we even try describing her latest picture in Abu Jani-Sandeep Khosla lehenga.  Urvashi looks so angelic, we wonder if she ...

Entertainment »

Bipasha as brand envoy of Natasha`s Irises


Sheikh Arif Bulbon :Ekushey Award winner noted actor, playwright and director Abul Hayat's two perfect daughters Bipasha Hayat and Natasha Hayat. Following her father’s footsteps on the screen Bipasha has already won the hearts of many viewers by virtue of her acting. But Natasha did not follow that step. Fashion ...

International »

UK to refuse Brexit bill without trade deal: Report


AFP, London :Britain will only pay its EU divorce bill if the bloc agrees the framework for a future trade deal, the new Brexit Secretary warned in an interview published Sunday.Dominic Raab, who replaced David Davis after he quit the role earlier this month in protest over the government's Brexit ...

Entertainment »

Dhadak Public Review: Ishaan Khatter, Janhvi Kapoor win hearts


The day is finally here and Ishaan Khatter - Janhvi Kapoor starrer Dhadak has hit the theatres. The film that marks the debut of late actress Sridevi's daughter opposite Shahid Kapoor's younger brother has won audiences heart. A remake of the Marathi blockbuster Sairat, Dhadak is helmed by director Shashank ...

Entertainment »

Ram Gopal Varma to make a biopic on Sanjay Dutt


Sanju has become one of the biggest hits of Bollywood. Directed by Rajkumar Hirani, Sanju gives us a glimpse of the controversial life of Sanjay Dutt and touches upon sensitive issues like his addiction to drugs, his difficulty in dealing with the passing away of his mother and the label ...

Sports »

A participant of the talent hunt programme of archerers in action at the Bir Shreshtha Nur Mohammad Stadium in Narail on Saturday. Bangladesh Archery Federation has arranged the programme, while City Group has sponsored the programme.


Sports »

Sloane Stephens of the United States, returns to opponent Madison Keys, also of the United States during an exhibition match at the International Hall of Fame's center court on Friday.


City »

Prime Minister Sheikh Hasina receiving letter of honour from Awami League (AL) General Secretary and also Road, Transport and Bridges Minister Obaidul Quader at a reception accorded to her organised by AL at Suhrawardy Udyan in the city on Saturday.


Editorial »

CHT people must be assured sense of participation: Fear of force doesn`t win people


THE lack of government's desire over holding elections to the regional council and the three District Councils in Chattogram Hill Tracts has long been depriving indigenous people of their right to have elected representatives in the local bodies. News media reported that for almost two decades, the District Councils have ...

International »

US presses China and Russia to enforce sanctions on N Korea


AP, United Nations : The United States on Friday welcomed the U.N. Security Council's united support for the fully verified denuclearization of North Korea and pressed China and Russia to strictly enforce U.N. sanctions to get Pyongyang to give up its nuclear weapons.U.S. Secretary of State Mike Pompeo accused North Korea ...

Editorial »

World must be united to ensure trial of the genocide against Rohingya people


ROHINGYA refugees reaching Bangladesh said violence, including torture, persists against them in Myanmar and the overall environment remains "menacing" for ethnic and religious minorities. UN human rights investigators carried out the Rohingya's plight after a five-day visit to the refugee camp of Kutupalong in Cox's Bazar where they interviewed new ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news