The Wage Earners Welfare Board (WEWB) has provided the Probashi Kallyan Bank (PKB) with Tk 500 million (50 crore) to facilitate conversion of the bank into a scheduled one.

Expatriates Welfare Minister Nurul Islam handed over on Sunday a cheque for the amount of money to PKB Managing Director ANM Masrurul Huda Siraji at the former’s Secretariat office in the city.

The board had earlier provided the PKB with Tk 950 million.

The PKB is required to raise its level of paid-up capital to Tk 4.0 billion (400 crore) before turning into a commercial bank.

The PKB was established in 2010 to provide collateral-free loans to those going abroad with jobs, also to the returnees to help them get jobs back in the country and facilitate remittance by the wage earners.

Currently, the bank receives deposits and gives loans to the migrants and returnees. It also buys and sells foreign currencies.