BB plans countrywide road show in March
Bangladesh Bank is launching a road show from Teknaf to Tentulia at the end of March to promote financing of small and medium enterprises, soft loans for farmers, use of banking channels for remittance and raise awareness about money laundering.
The bank has already prepared a concept paper for this innovative eight-day road show.
The concept paper said that in developing countries like Bangladesh, financing of SMEs is a recipe for development while money laundering is a threat.
In most cases money launderers use a front company to siphon off money. As profit is not the main aim of these organisations, they in most cases sell commodities or services at lower than the market prices. As a result, genuine entrepreneurs are thrown off competition and the foundation of the economy becomes weak.
Citing a World Bank report, Bangladesh Bank said about half the incoming remittance use illegal money transfer methods. Awareness has to be raised about sending money through banking channels and the banks would have to improve their quality of service.
Bangladesh Bank said as a result of different initiatives, remittances have increased and foreign currency reserve has crossed the $10 billion mark.
Bangladesh Bank and commercial banks have initiated different steps to provide easy loans for farmers including landless and marginal farmers. But ordinary farmers do not know much about the facilities and opportunities the banks provide and this deprives them of getting the soft loans.
During the road show, Bangladesh Bank would conduct massive publicity to raise awareness among farmers about the availability of soft loans. Rallies would be organised to give guidelines to prospective entrepreneurs at regional level, farmers, members of the civil society, students, teachers, staff of the government and autonomous organisations and other stakeholders concerned.
A total of 13 commercial banks were chosen as lead banks at 13 important points on the Teknaf -Tentulia route. The banks are: AB Bank at Teknaf, National Credit and Commerce Bank Ltd at Cox's Bazar, National Bank at Chittagong, Dhaka Bank at Feni, Prime Bank at Comilla, Bangladesh Krishi Bank at Tangail, One Bank at Sirajganj, Standard Chartered Bank at Bogra, Sonali Bank at Rangpur, Jamuna Bank at Dinajpur, Uttara Bank at Thakurgaon, and Islami Bank at Panchagarh.
Other banks would participate in the campaign along the route with posters, festoons and other publicity materials produced by them.
Bangladesh Bank Governor Atiur Rahman would inaugurate the programme at Teknaf. Deputy Governor Ziaul Hasan Siddiqui would announce the conclusion of the programme at Tentulia.
Executive directors and general-manager-level officials of Bangladesh Bank would take part in the road show.
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