• Thursday, October 02, 2014

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Bangladesh Bank

BB asks for account info of 5 firms, 1 individual

Bangladesh Bank has asked all banks to provide it with account information of one more individual and five firms within seven days, according to commercial bank sources. The individual is Dr MA Hannan Feroz, chairman of the Board of Trustees, Stamford University Bangladesh, mentions a letter sent to the banks by the BB. A separate letter issued by the BB seeks account information of the following firms: GSA Cargo Ltd (Bangladeshi agent of Ittehad Crystal Cargo), Speed Air Cargo Net...

Banks' CSR spending under scanner

Banks' CSR spending under scanner

Bangladesh Bank has asked banks to send detailed information on their corporate social responsibility activities to check any misuse of funds and make a comprehensive guideline. The move comes after questions were raised about the legitimacy of the beneficiaries of such funds in some cases. For instance, the board of a government bank in a...

BB gets int’l award for mobile banking

BB gets int’l award for mobile banking

Bangladesh Bank (BB) has won an international award for promoting financial inclusion policies. The Alliance for Financial Inclusion (AFI), a global network of financial policymakers from developing and emerging countries, awarded the BB for its outstanding contribution in making policy for mobile banking, said BB Deputy Governor Abul Quasem at a press conference at...

Editorial

Rise in bad loans alarming

THE latest report by Bangladesh Bank (BB) merely confirmed what has been common knowledge for some time. We now know that about half of the more than Tk20,000 crore stressed loans belong to ten banks of which six are state-owned banks. Those loans deemed to be going bad or irrecoverable has a lot to do with the lack of efficiency and transparency in the manner that loans are sanctioned. With 'stressed' or non-performing loans having crossed the 13 per...

State banks' stressed assets: cause for concern

Rising stressed assets and a couple of big financial scams in state banks have been a cause for concern for the banking industry, Bangladesh Bank said in a report yesterday. Stressed assets, which include gross non-performing assets and restructured advances, stood at 13.5 percent of total loans at the end of December 2013, compared with 13.7 percent a year ago. About a third (Tk 20,360 crore) of stressed assets are held by five state banks out of the 56 banks in...

Islamic bonds' maturity period cut by half

The central bank has cut the maturity period of Islamic bonds by half as it amended the guideline on their issuance to make them attractive. A Bangladesh Bank official said the maturity period has been set at three months, along with the existing six months, to help Islamic banks and financial institutions manage their fund smoothly. The profit of Islamic bonds will equal the profit of a three-month fixed deposit scheme of the issuing Islamic banks, replacing the profits rate for...

BB to focus on good governance in five-year plan

Bangladesh is not unique in facing financial frauds; it happens everywhere in the world, SK Sur Chowdhury, deputy governor of Bangladesh Bank, said yesterday. “We have detected those scams and have taken so many actions,” Chowdhury said at a press briefing at the central bank. He cited setting up a financial stability department at the central bank as an example of combating such situations. Governor Atiur Rahman was also present at the briefing held to inform the media of BB's fourth...

Grameen Bank Board

Govt to change rule to elect it

The government will again amend Grameen Bank rules for electing nine women directors of the micro-lender as the central bank has declined to hold polls for picking new board members. "Bangladesh Bank has said that holding the elections will lead to a conflict of interest as they [the BB] are a regulatory body," Finance Minister AMA Muhith told reporters at the secretariat yesterday. "We will find ways to do it. There are a number of banks under the control of the...

State banks slow to go online

State banks slow to go online

The government banks are lagging behind private and foreign banks in introducing online banking for customers, Bangladesh Bank data shows. BB's quarterly report as of June 2014 shows that all 75 branches of foreign banks and 3,632 branches or 99.94 percent of private banks have introduced online banking, gaining an edge over the state banks. A mere 858 branches or 24 percent of the total 3,540 branches of state-owned commercial banks offer online coverage. The situation is more depressing with the state-owned development banks; less than nine percent of their branches have an online facility.   “The government's procurement system is stringent and it takes a lot of time to execute a contract,”...

BB won't oversee GB directors' polls: Muhith

BB won't oversee GB directors' polls: Muhith

The government is planning to bring changes in the existing rules to scrap Bangladesh Bank’s authority to oversee the election of nine borrower-directors of Grameen Bank, Finance Minister AMA Muhith said today. A new body will be formed to oversee the electoral process, Muhith said while talking to reporters at his Secretariat office in...

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