DHAKA, SEPT 8: United States Agency for International Development (USAID) has joined hands with BRAC Bank to extend credit opportunities to small and medium agricultural enterprises in 20 districts of the southern part of Bangladesh.

US Ambassador to Dhaka Dan Mozena and BRAC Bank managing director and CEO jointly made the announcement of the partnership at a press event, held at American Recreation Association on Sunday

Under this programme, BRAC Bank will disburse nearly Tk 40 crore ($5 million) as loans to businesses engaged in producing and processing crops, poultry, fishing, and livestock. USAID will guarantee 50 percent of each loan.

These loans of up to 10 lakh taka (US $13,000) each, will be invested by farmers and businesses in technology, such as machinery and high-yielding seeds, to increase productivity.

This partnership complements the US Government's Feed the Future Initiative, which aims to reduce overall hunger and poverty by boosting agricultural production across south and southwestern Bangladesh. 

The programme also supports Bangladesh government's effort to increase credit to small enterprises in the agribusiness sector.

Joint secretary of Agriculture Ministry Kazi Obaidur Rahman and USAID mission director Richard Greene also spoke on the occasion

CHITTAGONG: Karmasangsthan Bank earned Tk 33.62 crore operating profit in fiscal year 2012-13.

During the period, the bank disbursed Tk 364 crore as loan and recovered Tk 370 crore, said deputy general manager of the bank Dibakar Chowdhury.

“The bank is making profit since it’s incepting in 1998. It is regularly paying corporate and other taxes,” he added.

According to the data, Karmasangsthan Bank has so far disbursed credit worth Tk 1,841.61 crore among 2,92,324 people and recovered Tk 1,533.87 crore. The bank’s credit programmes have created self-employment opportunities for 10,55,290 people across the country, said Dibakar Chowdhury.

“Our rate of interest is only 8 percent and Karmasangsthan is the only bank that gives loan up to Tk one lakh without any collateral,” he added.

This specialized bank provides credit especially to unemployed young men and women for self-employment. At present, the bank has a total of 15 regional offices and 212 branches covering all divisional headquarters and over 144 upazilas. —BSS

 IFIC Bank Ltd opened the Satkhira branch of the bank at a new premise at Mojaher Ali Complex at Saheed Kajol Sarani in Satkhira on Sunday.

SM Abdul Hamid, Deputy Managing Director and Chief Financial Officer (CFO) of the bank inaugurated the branch at new premises, said a press release.

AKM Mozharul Hoque, Company Secretary and Senior Executive Vice President of the Bank and other senior executives attended the inaugural ceremony.

Local dignitaries and businessmen were present at the function.

 Al-Arafah Islami Bank Limited opened the Hajj booth for the pilgrims at Ashkona Hajj Camp at Uttara in Dhaka recently.

Md Habibur Rahman, Managing Director of the bank, inaugurated the booth and distributed gifts among the pilgrims as chief guest, said a press release.

Hajj officer ofthe Ministry of Religious Affairs Bazlul Haque Biswas addressed the audience as special guest.

Senior Vice President Md Abul Hossain presided over the inauguration while Assistant Vice President CGM Asaduzzaman delivered the welcome speech.

Senior Vice President Md Nazmus Saadat and Assistant Vice President Jalal Ahmed attended the function.

Bangladesh Bank has asked Brac Bank to apprise the steps the commercial bank taken to prevent the fraudulence allegedly took place with bKash service.

A letter was served to the private bank on August 29, seeking information on the preventive measures against alleged cheating in its mobile money transfer service.

The measures would be intended to protect bKash agents and recharge vendors from frauds and to recover swindled money from bKash agent accounts by Thursday next.

Allegations of swindling were mentioned in the central bank’s letter including those of Farid Traders of Thataribazar, Dhaka and Rangamati Computer and Telecom Business Owners’ Welfare Association.

Bangladesh Bank asked for Brac Bank’s statement in respect of these allegations against bKash service.

According to one allegation, bKash agent Farid Traders had Tk293,000 in its account after transactions till 5:20pm on March 25. At 5:21pm, the agent saw the SIM became deactivated.

After contacting the respective mobile operator instantly, the agent came to know that the SIM registration was shown failed and the replacement SIM was drawn already. Farid immediately informed bKash about the matter and asked to block the account.

But bKash authorities failed to block the account immediately and Farid found all the money was vanished from the account in just five minutes.

Besides, Rangamati Computer and Telecom Business Owners’ Welfare Associationcame with allegation that money were being stolen from agent accounts by using secret code.

The Association sent a letter to Bangladesh Bank urging to save bKash agents from losing their business capital to the frauds. The letter signed by the Association’s president Abdur Rahim called for legal initiative in this regard.

The Association alleged bKash authorities just send alert massages and avoid responsibilities in the case money stealing by frauds from accounts. 

According to it, the agents do not gethelp in the case of cheating from the local distributors appointed by bKash, and even the frauds caught by agents get freed from police.

The letter said the agents now suspect bKash itself is involved with the fraudulent activities. 

Meanwhile, the central bank last week issued a notice tightening policy on mobile financial services after incidents of fraudulences occurred in mobile money transfer.

The notice cited some persons were making financial transactions and transferring funds without having any mobile account, which violates mobile financial services the guidelines on for banks.