Bangladesh Development Bank Limited (BDBL), a state run specialized bank, is on the top in terms of camel, risk and credit ratings among the country’s all state-owned banks.

Managing Director of the bank Dr Md Zillur Rahman said this while presiding over a workshop on ‘Diagnostic Workshop on Income, Expenditure, Deposit, Advance and Recovery of Classified Loans’ at the bank’s Training Institution here on Saturday, said a release on Sunday.

BDBL Chairman Educationist Professor Santi Narayan Ghosh spoke on the occasion as the chief guest while director and Additional Secretary of the Ministry of Finance Amolendu Mukharjee and director Kazi Morshed Hossain Kamal took part in the discussion.

Heads of all regional and branches and high officials of the bank also joined the workshop.

Professor Santi Narayan called upon the participants to put in their best efforts to make the bank’s all branches profitable.

Dr Zillur rahman said the BDBL has achieved remarkable success in various fields despite manifold problems in he country’s banking sector.

He stressed the need for further attention for realization of outstanding loans and distribution of loans for new projects.

The BDBL MD also directed the branch managers to increase loans for SME sector and keep default loans under 30 per cent by December next. — BSS

The Anti-Corruption Commission yesterday filed two separate cases against the owners of two business entities and five officials of Bangladesh Commerce Bank Ltd for misappropriating more than Tk 28 crore from the bank.

SB Group, in connivance with the bank officials and a surveyor — Rafid Inspection, swindled Tk 25 crore from the bank showing forged documents of lands used as mortgage, according to one of the case statements.

The Anti-Corruption Commission yesterday filed two separate cases against the owners of two business entities and five officials of Bangladesh Commerce Bank Ltd for misappropriating more than Tk 28 crore from the bank.

SB Group, in connivance with the bank officials and a surveyor — Rafid Inspection, swindled Tk 25 crore from the bank showing forged documents of lands used as mortgage, according to one of the case statements.

A four-day workshop on ‘Islamic Economy’ will kick off in city today (Monday).

Bangladesh Bank (BB) and Islamic Financial Services Board (IFSB) are jointly organising the workshop on Prospects and Challenges in the Development of Islamic Finance for Bangladesh” and “Facilitating the Implementation of the IFSB Standards”, said a press release.

Bangladesh Bank Governor Dr Atiur Rahman will inaugurate the seminar as chief guest at a local hotel in Dhaka on Monday.

High officials of Islamic Financial Services Board (IFSB) and Bangladesh Bank will attend the seminar.

Divided into five sessions, the seminar will be held on the first two days (Monday and Tuesday).

Some 40 eminent economists from UK, Malaysia, Pakistan, Turkey, Japan, Bahrain,, Sri Lanka and host Bangladesh will participate in the international seminar.

Md. Abul Quasem, Deputy Governor of Bangladesh Bank and Project Director, and Mohammed Nasir Uddin Chowdhury, Managing Director of LankaBangla Finance Limited, exchange documents after signing an agreement at BB Head Office in Dhaka recently.

LankaBangla Finance Limited signed a Master Facility Agreement (MFA) as a participating Financial Institution (PFI) in the Investment Promotion and Financing Facility (IPFF) Project run under the Bangladesh Bank.

Under the agreement, LankaBangla Finance will enjoy financing facility from the World Bank administered by Bangladesh Bank, for extending credit facilities to infrastructure projects under Public Private Partnership (PPP).

Md. Abul Quasem, Deputy Governor of Bangladesh Bank and also Project Director and Mohammed Nasir Uddin Chowdhury, Managing Director of LankaBangla Finance Limited signed the agreement on behalf of their respective organisations at Bangladesh Bank Head Office recently, said a press release.

Husne Ara Shikha, Deputy General Manager and Deputy Project Director of Bangladesh Bank, Quamrul Islam, Senior Vice President and Head of Treasury and FIs of LankaBangla Finance Limited with other officials from both the organisations were present at the occasion.

Finance minister AMA Muhith Sunday said the country’s pioneer microcredit institution Grameen Bank (GB) will be brought under Bangladesh Bank’s regulation as per the recommendations of the inquiry commission.

“We have come to know about the content of the inquiry commission’s report and are working to bring changes in recommendations placed in the report for more effective regulation of the microcredit bank,” he told reporters while emerging from a meeting of the cabinet committee on public purchase at the Secretariat. 

Muhith said the commission’s report will be handed over to him (finance minister) on September 30. 

Since its founding under a special ordinance 1983, Grameen Bank has been regulated under a governing body of the microcredit bank comprising its member-directors. 

Grameen Bank and its founder Dr Mohammad Yunus jointly won Nobel peace prize in 2006 for contribution to poverty reduction, women empowerment and socio-economic development of the country. 

However, the government has been in tussle with Dr. Yunus following his removal from the position of managing director of the bank over age-limit and allegations of financial irregularities.

The central bank dissolved the GB committee headed by microcredit guru and Nobel laureate Dr Mohammad Yunus on March 2 in 2011. 

The government in May last year formed a three-member commission to review the GB’s governing structure and its relations with the independent associated companies founded by Dr. Yunus.

Ajmalul Hossain QC, a member of the commission, told the media on August 16 that the commission as per it terms of references instructed them to recommend an authority to regulate and supervise Grameen Bank.

The interim report of the commission submitted to the government in February 2013 largely focused on Grameen Bank and provide options for the government to restructure the microcredit bank, he said.

The finance minister said that the Grameen Bank Commission would submit its final report on the microcredit bank and its 48 associated organisations.

Earlier in May this year, the central bank recommended amendment to both the Micro-credit Regulatory Authority (MRA) Act 2006 and Grameen Bank Ordinance 1983 in order to bring the latter under the MRA regulation.

The central bank’s recommendations have been incorporated in GB Review Committee aiming to ensure transparency by proper monitoring and evaluation of its assets. 

A central bank source then told daily sun that the Bangladesh Bank authority sent the recommendations to the GB Inquiry Commission for next course of action.

The GB inquiry committee in its review report observed that the GB needs proper regulation as it serves a large population across the country in its drive for poverty alleviation by promoting entrepreneurship for poor women in the rural areas. 

A central bank source said regulation of the GB has become complicated following removal of Dr. Yunus as there was a self-guided separate body for regulating the microcredit bank as per GB ordinance 1983.

“The review committee in its report pointed out that the GB is a micro-credit organisation and it should be regulated under MRA. But the existing MRA rules do not cover it. So, the amendment is essential,” sources said.

The inquiry commission was formed under Section 3 of the Commission of Inquiry Act 1956. Government notification was made in this regard on May 15, 2012 and published in Bangladesh Gazette on May 27 of the same year.

The Grameen Bank Review Committee (Monwaruddin Committee) formed earlier in its April 25, 2011 report pointed out various ‘conflict of interest’ transactions of Prof. Yunus with GB and its associated organisations which was seemingly ignored or approved by the GB’s previous board of directors.