Bangladesh Bank finds discrepancy in Union Bank's vault
A branch of Union Bank Ltd has adjusted the shortage of funds in its vault through cheque, finds a Bangladesh Bank inspection.
Gulshan branch of the bank showed Tk 19 crore in cheque in order to balance the shortage of cash in the vault, said officials.
There was cheque against the amount of money that was supposed to be in vault, said Md Serajul Islam, spokesperson of Bangladesh Bank.
Adjusting the shortage of fund in vault through cheque is a breach of law, said a top official of a private commercial bank preferring anonymity,
The documents showed that the vault has Tk 31 crore of liquid money. However, the BB officials found Tk 12 crore in the vault.
The branch officials could not respond properly to the questions asked by the bb officials on the fund shortage.
"After analysing and investigating all the issues related to the cheques, we will take decisions," Islam said.
Union Bank Managing Director ABM Mokammel Hoque Chowdhury could not be reached over phone for comments.