Move to send remittance to remote areas
A local private commercial bank has tied up with a leading micro-credit lender to reach out remittances to its beneficiaries in rural remote areas fast.
National Credit and Commerce Bank Limited has taken the initiative yesterday by joining hands with Thengamara Mohila Sabuj Sangha (TMSS), a micro-credit NGO (non-governmental organisation), in this regard.
“I hope NCC Bank's partnership with TMSS will help the bank to a great extent to fulfil its remittance delivery obligations using the branches of the NGO that are located at remote areas,” Bangladesh Bank (BB) Governor Dr Salehuddin Ahmed told the deal signing ceremony in Dhaka to launch the remittance project.
Chaired by Tofazzal Hossain, the NCC Bank chairman, the function was also attended by Chris Austin, country representative of the Department for International Development, UK, as special guest.
The BB governor said commercial banks very often do not go by the central bank instructions that asked them to reach out remittances in a time limit of 48 hours to urban beneficiaries and within 72 hours to the rural ones.
“The new initiative will help the banks and financial institutions to comply with the Bangladesh Bank instructions,” he added.
On note forgery, the central bank chief asked for speedy trial of the persons involved in printing fake currency notes.
According to the BB sources, there are some 3600 note forgery cases remain pending.
The NCC Bank initiative, the first of its kind in Bangladesh, would be launched in early April this year.
The NCC Bank-TMSS project worth Tk 8crore would enable installation of electronic point of sale (POS) technology in all the 53 NCC Bank branches and 250 remote branches of TMSS.
According to the project initiator, the remittance beneficiaries will be provided with free debit and prepaid cards, which would allow them to use card transaction up to the amount of their remittance.
The beneficiaries will be allowed to conveniently draw out their remittances in cash on the spot or as and when necessary at the branches of both the organizations to use automated teller machines (ATMs) and buy goods and services from the merchants having POS machines.
However the central bank chief advocated ensuring more facilities for the wage earners, compared to the ones being provided to the wage earners in other countries.