Bangladesh Bank is going to allow private non-bank companies to set up and run automated teller machines and point-on-sale machines under agreements with banks in a bid to expand the services to more areas. A BB official told New Age on Monday that only commercial banks were now allowed to set up ATM booths and POS terminals to settle bank transactions. But, the banks are not interested in setting up ATM booths and POS terminals in the rural areas as they think that their earnings from the services in the areas is lower compared with that in the urban areas, he said. Besides, the banks are now imposing high charges against the merchants who use the POS terminals and due to the high charges the shop owners are showing little interest to settling transactions through the terminals. The banks will be compelled to lower the charges once the private companies are allowed to set up POS terminals. Due to high charges, the shop owners set up only 6,035 POS machines as of September 30, 2014 although the country’s business sector demands more terminals considering its volume, the BB official said. The central bank will impose a condition on the private companies who will be allowed to introduce the services that they must establish majority of their ATM booths and POS terminals in the rural areas, he said. The BB data showed that the banks established 6,035 ATM booths as of September 30, 2014. But, a very few ATM booths were set up in the rural areas. The banks have so far issued 72,85,805 debit cards, 5,77,864 credit cards and 1,02,787 prepaid cards. The issuance of such cards will increase once the private companies are allowed to set up ATM booths and POS terminals, the BB official said. The central bank’s initiative will also boost the country’s financial inclusion as the marginal people in the rural areas will be encouraged to be attached with the banking system if they are able to use ATMs and POS terminals, he said. The BB will also allow the agents of the banks to make payment through POS terminals to the clients meaning that the terminals will act as ATMs, the official said. He said the clients would also recharge their mobile phone using their debit or credit cards and they would be allowed to pay their utility bills through the cards. BRAC Bank managing director Syed Mahbubur Rahman told New Age on Monday that such initiative (allowing private companies to run ATMs and POS terminals) might result in an unhealthy competition between banks and private companies. The private companies will occupy a good amount of the profits the banks now get from the services if they (private companies) are allowed to establish ATM booths and POS terminals. He said the BB should impose a condition on the private companies that they set up ATM booths and POS terminals outside the city in a bid to avoid any possible unhealthy competition in the sector.News:New Age-1-Sep-2015
Major General Md Mahfuzur Rahman, Adjutant General of Bangladesh Army & Vice Chairman of Trust Bank Limited inaugurated the 100th branch of Trust Bank Limited as chief guest at Mohammadpur in the city Sunday. Ishtiaque Ahmed Chowdhury, Managing Director &
Major General Md Mahfuzur Rahman, Adjutant General of Bangladesh Army & Vice Chairman of Trust Bank Limited inaugurated the 100th branch of Trust Bank Limited as chief guest at Mohammadpur in the city Sunday. Ishtiaque Ahmed Chowdhury, Managing Director & CEO of Trust Bank Limited, singer Runa Laila, film actor Alamgir Hossain, senior officials of the Bank and guests attended the inaugural ceremony.News:Fiancial Express/1-Sep-2015
Southeast Bank Limited launched a fully automated Sanctions Screening Solution to monitor and counter Money Laundering and Terrorist Financing-related threats. The formal inauguration ceremony was held Sunday at the bank's head office at Dilkusha in the city. Shahid Hossain, Managing Director of the bank formally launched the live deployment of the solution in presence of representatives of bank's foreign correspondents.
Southeast Bank Limited launched a fully automated Sanctions Screening Solution to monitor and counter Money Laundering and Terrorist Financing-related threats. The formal inauguration ceremony was held Sunday at the bank's head office at Dilkusha in the city, said a press release.
Shahid Hossain, Managing Director of the Bank formally launched the live deployment of the solution in presence of representatives of Bank's foreign correspondents. In his address of welcome, he highlighted the Bank's AML and CFT policies and its commitment to remain compliant towards fulfilment of regulatory requirements.
Muhammad Shahjahan, the Deputy Managing Director and CAMLCO of the bank reiterated the Managing Director's note and cited different measures taken by the bank to ensure the compliances.
This Screening Solution was procured from SWIFT, the global market leader in providing ICT solutions and is considered to be the most resilient in the domain of transaction screening. This solution will scrutinize all the in-bound and out-bound SWIFT messages against sanction lists provided by UN, EU, OFAC, AUSTRAC etc. Through deployment of this automated Sanction Screening Solution, the bank will be better-positioned to protect its banking channel from being used by any criminal or unscrupulous persons for money laundering and financing of terrorism
Among others, the Deputy Managing Director and Chief Risk Officer, S.M. Mainuddin Chowdhury, Senior Vice President Shamim Ara Khanom, Vice President and Deputy Head of IT Khandaker Khaled Hassan, Senior Assistant Vice President and Chief Financial officer Mohammad Aminul Haque, Senior Assistant Vice President and Head of Treasury Md. Jahangir Kabir and other Executives of Head Office were present in the ceremony. Representatives from Citi NA, JP Morgan, Wells Fargo, Commerz AG, Mashreq PSc also attended.
Business Report :United Commercial Bank Limited (UCB) and International Finance Corporation (IFC) signed three agreements in Dhaka. Under the agreements IFC will finance UCB for a total sum of USD75 million in three modes: GTFP, WCSS STF and SEF Remediation finance for RMG industries, says a press release on Monday. A signing ceremony was held at corporate office of UCB at Gulshan Dhaka on Monday, which was represented by Muhammed Ali, Managing Director of UCB and Mengitsu Alemayehu, Director, South Asia, IFC. M Shahidul Islam, Additional Managing Director, Mirza Mahmud Rafiqur Rahman, Additional Managing Director, AE Abdul Muhaimen, Additional Managing Director, Md Tariqul Azam, Deputy Managing Director, Mohammad Shawkat Jamil, Deputy Managing Director, Md Sohrab Mustafa, Deputy Managing Director, Golam Awlia, Deputy Managing Director from UCB and Wendy Werner, Country Manager for Bangladesh, Bhutan and Nepal, Kyle F Kelhofer, Country Manager-Vietnam, Rehan Rashid, Senior Country Officer and Paarul Dudeja, Investment Officer of IFC among others were also present.News:New Nation/1-Sep-2015
Shalina Yasmin Kakoly, Proprietor of Pindhon, receiving "National Productivity & Quality Excellence Award-2013" from NPO, Ministry of Industries, in recognition of her contribution in cottage industry of Bangladesh. Md Fazlul Hoque, FAVP and Head of Kisho
Shalina Yasmin Kakoly, Proprietor of Pindhon, receiving \"National Productivity & Quality Excellence Award-2013\" from NPO, Ministry of Industries, in recognition of her contribution in cottage industry of Bangladesh. Md Fazlul Hoque, FAVP and Head of KisNews:New Nation/1-Sep-2015