The High Court yesterday questioned the legality of the promotion of two officials of BASIC Bank to deputy managing director.
Respondents have two weeks to explain why the promotion of Ruhul Alam and Md Selim should not be declared illegal, according to a court rule.
Justice Tariq ul Hakim and Justice AKM Shahidul Huq passed the order after hearing a petition filed by two suspended BASIC Bank officials, Zainal Abedin Chowdhury and Khandker Shamim Hasan.
Bangladesh Bank, finance ministry, BASIC Bank, Alam and Selim have been made respondents to the rule, petitioners' lawyer Imam Hossain Tarek told The Daily Star.
Alam and Selim have been promoted from general manager in violation of the relevant rules, Tarek alleged.

Interest spread rate in the banking sector increased further in March as 24 scheduled banks failed to maintain the rate below five percentage point in accordance with the central bank’s directions.
According to the latest Bangladesh Bank data, the overall interest spread, the gap between the interest rate on credit and deposit, stood at 5.15 percentage point in March against 5.06 percentage point in February. The interest spread rate in January was 4.99 percentage point.
A BB official told New Age on Thursday that the interest spread rate in the banking sector increased consecutively in the last three months as credit demand from the private sector increased in the period.
The BB data showed that the year-on-year credit growth rate in the private sector stood at 11.46 per cent in March whereas it was 10.73 per cent in February.
He said the central bank had asked the managing directors of the scheduled banks in a bankers’ meeting, held on February 18, to maintain their interest spread rate below five percentage point.
But, the banks ignored the central bank directives and set higher interest rate on their lending, they said.
The officials said that the interest spread rate in the banks had declined to five percentage point in the majority months of 2013 as the businesspeople received lower credit than the normal situation amid political unrest over the process of holding the general elections.
The interest spread in the banking sector may increase more in the coming months if the central bank does not take initiative in this connection, the BB official said.
‘Besides, a number of banks in the last year faced a lower operating profit than the previous year due to the sluggish business amid political unrest. The banks will try to act an aggressive banking to earn a quick profit by increasing the interest rate on lending’, he said.
Against the backdrop, the banking sector will plunge in a hazardous situation if the central bank fails to curb the rate of interest of the banks, he said.
The weighted average rate on lending stood at 13.36 percentage point in March which was 13.40 percentage point in February while the interest rates on deposits were paid at 8.21 percentage point from 8.34 percentage point in February, the BB data showed.
The 24 banks that failed to maintain the rate in accordance with the central bank’s directions are: AB Bank, Bangladesh Commerce Bank, Bank Asia, BASIC Bank, BRAC Bank, Citibank NA, Commercial Bank of Ceylon, Dhaka Bank, Dutch-Bangla Bank, Eastern Bank, Habib Bank, HSBC, IFIC Bank, Jamuna Bank, National Bank, ONE Bank, Premier Bank, Prime Bank, Pubali Bank, Standard Chartered Bank, Social Islami Bank, The City Bank, Uttara Bank and Woori Bank.
The interest spread rate in the state-owned commercial banks stood at 3.64 percentage point in March, that of state-owned specialised development banks at 3.46 percentage point, that of private commercial banks at 5.31 percentage point and that of foreign commercial banks at 8.78 percentage point.

 Rajshahi Krishi Unnayan Bank (RAKUB) organised an orientation programme for its senior officials on a banking software namely Infinity Banking Solutions.

Infinity Tech International Limited in co-operation with ICT Department of RAKUB conducted the programme at Party Point Conference Hall in Rajshahi on Saturday, said a press release.

Md. Mofazzal Husain, Managing Director of RAKUB, spoke at the orientation course as chief guest.

 Jamuna Bank Limited (JBL) approved 15 percent stock dividend for its shareholders for the year ended on 31st December in 2013.

The approval came at the 13th Annual General Meeting (AGM) of the bank held at Ramna in Dhaka recently, said a press release received on Saturday.

Shaheen Mahmud, Chairman of Jamuna Bank, chaired the meeting. Al-Haj Nur Mohammed, Chairman of Jamuna Bank Foundation, Gazi Golam Murtoza, Chairman of Executive Committee, Md. Rafiqul Islam, Chairman of Audit Committee, Engr. Md. Atiqur Rahman, Md. Mahmudul Hoque, Alhaj Md. Rezaul Karim Ansari, Md. Belal Hossain and Md. Sirajul Islam Varosha, Directors, ASM Abdul Halim, Narayan Chandra Saha, Independent Directors, Shafiqul Alam, Managing Director, Malik Muntasir Reza, Company Secretary of the bank attended the meeting.

Chairman of the bank expressed the gratitude to the shareholders, stakeholders and management for their continuous support they extended over the years towards achieving impressive growth and also hoped that their support would continue in the future.

The directors’ report and audited financial statements incorporated in the annual report for the year 2013 was present before the shareholders at the AGM. A large number of shareholders attended the AGM. 

 National Bank Limited (NBL) opened the 7th branch of NBL Money Transfer at Seremban, Negeri Sembilan in Malaysia recently.

Parveen Haque Sikder, Director and Chairperson, Executive Committee, National Bank Limited, inaugurated the branch as chief guest, said a press release on Saturday.

AKM Shafiqur Rahman, Managing Director and CEO, Shamsul Huda Khan, Deputy Managing Director, Mir Mosharref Hossain, Vice President of National Bank Limited and Sk. Akhter Uddin Ahmed, Chief Executive Officer of NBL Money Transfer Sdn Bhd, Malaysia were present on the occasion.

A large number of Bangladeshi expatriates living in Malaysia were also present.