Bangladesh bank (BB) plans to formulate a regulation for corporate social responsibility (CSR) funds, mandatory for commercial banks and other financial institutions.

“We are going to formulate a regulation for CSR activities with the provision of retaining a minimum percentage of net profit of the financial institutions for performing their CSR activities” said BB governor Dr.

Atiur Rahman yesterday. He was addressing a MoU signing and cheque distributing ceremony organised by Green Banking and CSR department of Bangladesh Bank.

A total of nine government and non-government organisation, performing social services, were awarded by the BB’s Disaster management and social responsibility department for their outstanding contributions. 

The BB distributed cheques worth about Tk 4.25 crore among the organisations to enhance their benevolent activities. 

Distributing the cheques the governor hoped that the regulation would help build up a huge fund for CSR activities with wilful participations of banks and other financial institutions.

Bangladesh Bank Governor came up with the disclosure while addressing an inaugural session of the World Conference Series-2014 

The country’s remittance inflows have gradually witnessed a growth of an average of 11% against 7.15% in the other Asian countries during the last four years (FY2009-13) thanks to easy and hassle-free remittance transfer system.

Bangladesh Bank Governor Atiur Rahman came up with the disclosure while addressing an inaugural session of the World Conference Series-2014 titled “NRB Talent, Remittances and Investment for Development’’ held at a city hotel yesterday.

“Remittances in Bangladesh now stand around 10% of the GDP, rising from 5% of the GDP in the beginning of year 2000,” he said.

“Despite global economic recession and political turmoil in the Middle East, Bangladesh’s financial and external sectors continued to remain resilient with the foreign exchange reserves of more than $18bn, which was mainly aided by the robust growth in exports, moderate growth in imports and due to unflinching remittance inflows.”

Describing the growth trends in remittance inflows, Atiur said: The remittance inflow in the FY 2012-13 were around $14.46bn, a 12.59% growth, leading a current account surplus for the last five years, only in south Asia, despite being a trade deficit country.

This demonstrates inherent strength of our external sector and hence that of our currency. And one must give credit to NRBs for attaining this strength, said the governor.

Pointing at the central bank’s steps for ensuring easy and hassle-free remittance transfer system, he said Bangladesh Bank had already simplified approval policy for drawing arrangements between foreign exchange houses and domestic banks.

Thirty-seven banks have already been permitted to set up 1,084 drawing arrangements with 288 exchange houses all over the world for collecting remittances. Responding to this arrangement, some banks have already established exchange houses abroad.

“Bangladesh Electronic Fund Transfer Network (BEFTN) and mobile banking are operating in full-swing to ease remittance disbursement. Micro-finance Institutions (MFIs) are also involved as partners in smooth delivery of inward remittances.”

The central bank has already given licenses to at least three NRB banks to further improve the pace of remittances & foreign investment inflows in the country, said the governor. 

 Trust Bank Limited signed a Memorandum of Understanding (MoU) with BlueMoon Restaurant at the bank’s head office in Dhaka recently.

As per the MoU, the bank's debit and credit card holders will enjoy 10 percent discount on total food at BlueMoon Restaurant’s convention hall and catering service, said a press release.

Abu Zafar Hedaytul Islam, Deputy Managing Director of Trust Bank, and Col. (retd) Md Ali, Managing Director of BlueMoon Restaurant, signed the MoU on behalf of their respective organisations.

Shamsul Huda Khan, Deputy Managing Director, National Bank Limited, inaugurates the 174th branch of the bank at Phulpur in Mymensingh on Tuesday. 

National Bank Limited opened its 174th branch at Phulpur in Mymensingh on Tuesday.

Shamsul Huda Khan, DMD of the bank, inaugurated the branch, said a press release. 

 Pubali Bank Limited has been honoured with a plaque from the Centre for Non-Resident Bangladeshis (NRBs) for remarkable support service to increase the flow of inward foreign remittance.

Helal Ahmed Chowdhury, MD and CEO, Pubali Bank, received the award from Dr. Atiur Rahman, Governor of BB, said a press release.

Dan W. Mozena, US Ambassador to Bangladesh, William Hanna, Ambassador of the European Union to Bangladesh, Dr. Mohammed Farashuddin, Former Governor of BB, Khondkar Ibrahim Khaled, former deputy governor of BB, Kazi Akram Uddin Ahmed, President of FBCCI were present.