The microfinance institution coming under govt regulation

The cabinet Thursday approved in principle the draft Grameen Bank Act 2013 with a provision of bringing the microfinance institution under the regulatory framework of the central bank for its “better performance”.

At a media briefing after the meeting, Cabinet Secretary Mosharraf Hossain Bhuiyan said the central bank will supervise the activities of Grameen Bank from now on.

The bank of the poor will also have to report to the central bank, Bangladesh Bank, he added about the change that came following removal of Nobel laureate Prof Muhammad Yunus as its chief. 

In the proposed law, the unapproved capital of Grameen Bank has been increased from Tk 350 crore to Tk 1,000 crore. Even, the paid-up capital now stands at Tk 300 crore, up from earlier Tk 50 crore only.

Replying to a media query, Bhuiyan said no provision is given in the bill regarding the appointment of Managing Director of Grameen Bank, but the term of the directors has been fixed at three years.

GB’s financial operations will be supervised by the central bank. As the central bank, Bangladesh Bank can supervise every bank and financial institution. So, it can play the role of a supervisor of Grameen Bank, he observed.
“The government keeps a close watch on the bank so that none can make the misuse of power, utilising its name,” Bhuiyan mentioned.

“Grameen Bank was founded in 1983 through an ordinance. It has been given a full-fledged legal frame through this proposed law. The amendments, brought after issuing the ordinance, have been enclosed with it.”
As per draft of the new law in the making, a managing board will be in charge of the functioning and supervisory activities of the bank.

The 12-member board will take three representatives from the government and nine from its shareholders and credit holders.

Bank’s managing director will also be a member of the board but he will have no voting right.
The government will employ one of the board members as the chairman of the board.

If the chairman’s post goes vacant for any reason, the post will be filled with any director excepting the managing director.

Badiur Rahman, Chairman of Al-Arafah Islami Bank Limited, inaugurates the 109th branch of the bank at Rashid Tower, Balasur Chowrasta, Sreenagar in Munshiganj on Wednesday.

The 109th branch of Al-Arafah Islami Bank Limited was inaugurated at Rashid Tower, Balasur Chowrasta, Sreenagar in Munshigonj on Wednesday.

Badiur Rahman, Chairman of the bank inaugurated the branch as chief guest, said a press release.

Md. Habibur Rahman, Managing Director of the bank delivered the welcome speech.

AZM Shamsul Alam, Dr. Abdul Hamid Bulbul, Md Abdur Rashid Khan and Mawlana Mufti Md. Yunus spoke on the occasion.

Dr. Mohammed Haider Ali Miah, Managing Director of Exim Bank Ltd, receives BIZZ Award-2013 from Engineer Deniel Javier, Director, Quality and CSR, World Confederation of Businesses at Exim Bank head office on Wednesday. AKM Nurul Fazal Bulbul, Secretary General of Exim Bank Foundation is also seen.

Exim Bank Limited received international “BIZZ Award-2013” from USA-based World Confederation of Businesses (WORLDCOB).

Dr. Mohammed Haider Ali Miah, Managing Director of the bank received the award on behalf of the bank from Engineer Deniel Javier, Director, Quality and CSR, World Confederation of Businesses at Exim Bank head office on Wednesday, said a press release.

AKM Nurul Fazal Bulbul, Secretary General of Exim Bank Foundation presided over the programme.
Exim Bank got this award for its managerial leadership, management systems, quality in services, social responsibility, managerial creativity and innovation.

Md Abdul Mannan MP, Sponsor and former director, Mohammed Omar Farooque Bhuiyan, Mohammed Shahidullah, Alhaj Nurul Amin, Members of the Board of Directors,

Abdullah Al Jahir Swapan, Sponsor and former director, Md. Fariduddin Ahmed, Adviser to the bank, M. Sirajul Islam, Sirajul Haque Miah and Khondoker Rumy Ehsanul Haq, Deputy Managing Directors of the bank also attend the programme.

Md. Hedayetullah, Chairman, Executive Committee, Mutual Trust Bank Ltd, hands over a Gift Cheque to Ms. Khadiza Iqbal Shila, a customer of the bank at the launching programme of MTB Gift Cheque at the bank's corporate head office at Gulshan on Tuesday.

Mutual Trust Bank Limited (MTBL) launched MTB Gift Cheque for its customers at a function at the bank's corporate head office at Gulshan on Tuesday.

Md. Hedayetullah, Chairman of the bank's Executive Committee, launched the gift cheque as the chief guest by handing over a cheque to Ms Khadiza Iqbal Shila, a customer of the bank, said a press release.

M.A Rouf, JP and Md. Abdul Malek, Directors, Dr. Sultan Hafeez Rahman, Independent Director, Anis A. Khan, Managing Director and CEO, Md. Ahsan-uz Zaman, Additional Managing Director, Quamrul Islam Chowdhury, Md. Hashem Chowdhury and Md. Zakir Hussain, Deputy Managing Directors, Kashif Rahman Siddiqui, Head of Retail and NRB Banking Division, other senior officials of the bank and customers were also present at the programme.

MTB gift cheque is available from any branch of the Bank for both account and non-account holders. Gift cheques are available in denominations of Taka 500 and can be encashed from any MTB branch.

Abu Sadek Md Sohel has joined Bangladesh Commerce Bank Limited (BCBL) as Managing Director (MD) and CEO.

Starting his banking career in 1977 as senior officer in Sonali Bank Limited, Sadek rendered services as general managers of Sonali Bank, Agrani Bank and Bangladesh Krishi Bank.

Later on, he was promoted to deputy managing director of Agrani Bank.

He joined Social Islami Bank Ltd (SIBL) in 2005 as deputy managing director and was thereafter promoted to the additional managing director of that bank.