Bangladesh Bank on Sunday approved another non-bank financial institution aiming to attract venture capital, said central bank officials. The decision came at a meeting of the BB’s board of directors at the central bank headquarters in the capital with BB governor Atiur Rahman in the chair. The approved NBFI is Alliance Leasing and Finance Ltd. BB officials said the central bank had approved the NBFI on political consideration as the ruling party-backed people are behind its ownership. Besides, some investors of Sri Lanka will also be involved in the new NBFI. The BB board has decided to issue letters of intent to approve the NBFI, giving it a period of six months to comply with the existing rules and regulations for setting up new financial institution, central bank deputy governor SK Sur Chowdhuray told New Age on Sunday. The BB will issue licence to the NBFI after its proper compliance with all conditions, he said, adding that loan defaulters and tax evaders would not be allowed to become the directors of the new financial institution, he said. The authorities concerned of the approved NBFI will have to deposit the amount of their paid-up capital worth Tk 100 crore with the central bank, before starting its operation, another BB official said. The central bank issued letters of intents on March 5, 2014 to two more NBFIs namely CAPM Venture Capital Finance and Meridian Finance Investment on political consideration. The BB asked the two institutions to comply with the rules and regulations by six months to get licences from the central bank. But, the two institutions are yet to fulfil the rules and regulation resulting that they did not get the licences yet, the BB official said. Currently, 31 NBFIs are running their businesses in the country.News:New Age/27-Apr-2015
The first Managers Conference 2015 participated by all Managers of Mymensingh Region of Pubali Bank Limited was held recently to motivate them to increase Bank’s business by rendering better services, reports in a press release. Md. Abdul Halim Chowdhury, Managing Director of Pubali Bank Ltd. graced the conference as Chief Guest. Deputy Managing Director Safiul Alam Khan Chowdhury and Chief Financial Officer & General Manager Sayeed Ahmed FCA were present as Special Guests. DGM and RM of Mymensingh region Jagot Chandra Saha presided over the conference.
In his speech Chief Guest Md. Abdul Halim Chowdhury emphasized on expansion of foreign remittance business through better customer & modern banking service. He also advised all to work hard, look for new business avenues and adopt diversification and to take concerted efforts for achieving the target fixed for the year 2015.Managing Director Md. Abdul Halim Chowdhury stressed on selection of potential borrower and try to enhance bank business. He emphasised on recovery of overdue, classified and writes off loan on priority basis. He advised branch managers to keep close vigilence so that newly disbursed loans may not become overdue or classified by intensive supervision and close monitoring of the loan.
In his speech Safiul Alam Khan Chowdhury advised all to work hard to increase remittance rendering best customer services. He underscored the need for increased utilization of the modern Information Techninlogy for qualitative improvement in the overall customer service of Pubali Bank Limited as the bank has to operate in a highly competitive Banking sector.
Performance of the branches also evaluated in the meeting and necessary strategy and plans were taken to achieve the target fixed for the year 2015.
National Bank Training Institute has recently conducted a week long training course titled ‘Managers Induction Course’ for newly posted branch managers and for the executives and officers, who have the potentialities for becoming branch managers, issued in a press release. Shamsul Huda Khan, Managing Director and CEO of National Bank Limited was present in the closing ceremony of the course as the chief guest and distributed certificates among the participants. A total number of 38 executives and officers of different grades of the bank attended the course as participants.
Jahangir Bin Hamid, Senior Vice President and Head of Human Resources Division of the bank, Md. Majibur Rahman, Principal of the Training Institute, Hari Narayan Das and Farzana Haque, Sr. Faculties were present among others at the inaugural and closing ceremony.News:Bangladesh Today/27-Apr-2015
Bangladesh Bank (BB) Chief Economist Biru Paksha Paul at a seminar yesterday opined to reduce the rate of interest of savings bond to boost up loan flow in private sector, reports BSS.
“The average rate of interest for BB’s loan is 15 per cent, which is hampering the desired investment, but if the rate of interest is reduced, the investment would be boosted,” said the BB chief economist while presenting a keynote paper at the seminar.
He also said “The central bank has to be given full regulatory authority to control the rate of interest for making the monetary policy effective, which would also help the BB to cut the interest rate”.
Board of Investment (BoI) organised the seminar on the State of the Economy in city’s Dhaka Reporters’ Unity.
Biru Paksha Paul said controlling inflation as one of the major tasks, and the BB is doing the job well in last few years but “the existing rate of interest is barring the investment”.
Criticizing the existing rate of interest, he said the BB has forwarded its recommendation to the government to reduce it.
The BB chief economist hoped the GDP would be 7 per cent and poverty line would come below 10 per cent after the implementation of the ongoing mega projects in infrastructure and power sectors.
Director of Dhaka Mass Rapid Transit Project Mohammad Nurul Ameen and BIDS Senior Research Fellow Dr Naznin Ahmed also spoke on the occasion with BoI Chairman Dr S A Samad in the chair.
Speaking on the occasion as chief guest, Energy Adviser to the Prime Minister Towfiq-e-Elahi Chowdhury also opted for the reduction of the rate of interest to heighten investment.
Apart from the rate of interest, he emphasised ensuring uninterrupted power and gas connection along with
“The present government has already developed the infrastructural facilities significantly and now 70 per cent population of the country is getting power connection which was 45 per cent in 2009,” added the adviser.
Md Abdul Hamid Miah, managing director of Union Bank Ltd, and Sayeeful Islam, managing director of SSL Wireless (Software Shop Limited), exchange documents after signing an agreement on offering SMS banking service to the customers of the bank in the city Sunday.News:Financial Express/27-Apr-2015