Bangladesh Bank has asked the commercial banks to abide by the amended Bank Company Law 2013.

A notice was sent to the directors of the Banks on Monday by the Policy and Rules Department of the bank.

The notice said that the Bank Company Law 1999 has been changed to Bank Company Law 2013 which has already been published in the supplementary edition of the Gazette, banglanews24 reports.

For now on, the commercial banks have to abide by the clauses mentioned in the amended law. The central bank has also ordered the commercial banks to resent this law at the next meeting of the Executive Committee.

The amended Bank Company Law was passed on July 14, 2013 with the clause restricting investment of commercial banks in the capital market by not more than 25 percent of their capital and reserve.

The change has also augmented the power of the central bank and set the fine for violating the Securities and Bank Company Law at Tk 20 lakh.

In the absence of payment of the fine at the right time, additional Tk 50,000 will be added to the fine.

Major (retd) Dr. Md. Rezaul Haque, Chairman of the Board of Directors of SIBL inaugurates Maijdee branch of the bank at Maijdee in Noakhali on Sunday.

Social Islami Bank Limited (SIBL) opened its 93rd branch at Maijdee Bazaar in Noakhali on Sunday.

Major (retd) Dr. Md. Rezaul Haque, Chairman of the Board of Directors of the bank inaugurated the branch as chief guest, said a press release.

Harunur Rashid Azad, Mayor of Noakhali Powrashava was present in the programme as special guest.

Director of the bank and Chairman of the Board Audit Committee Md. Abdur Raqhman and Director Abdul Mohit were also present as special guests.

M Amanullah, Chairman of Mercantile Bank Limited, speaks at the Half-Yearly Business Conference - 2013 of the bank at a hotel in Dhaka on Saturday.

The "Half-Yearly Business Conference - 2013" of head of branches and Divisional Heads of Head Office of Mercantile Bank Limited was held at a hotel in the capital on Saturday.

M Amanullah, Chairman of the bank, inaugurated the conference as chief guest, said a press release.
The conference was presided over by M Ehsanul Haque, Managing Director and CEO of the bank.

Dr. Mahmood Osman Imam, Chairman, Audit Committee, MS Ahsan, ASM Feroz Alam, Md. Abdul Hannan, Mohd Selim, Morshed Alam,

Al-Haj Mosharref Hossain and Syed Ashraf Ali, Sponsors, Md. Nasiruddin Choudhury, Director and Syed Muhammed Abdul Mannan, MP,

Md. Abdul Jalil Chowdhury and Monindra Kumar Nath, Additional Managing Directors, M A Yousuf Khan, Md. Quamrul Islam Chowdhury,

Deputy Managing Directors of the bank and Rabiul Hossain, Principal of Mercantile Bank Training Institute were present on the occasion.

Md. Habibur Rahman, Managing Director, Al-Arafah Islami Bank Limited, speaks at a seminar on “Business Development for the Managers” at the bank’s Agrabad branch in Chittagong on Saturday.

Al-Arafah Islami Bank Limited organised a seminar on “Business Development for the Managers of Chittagong Zone” at the bank’s Agrabad branch in Chittagong on Saturday.

Md. Habibur Rahman, Managing Director of the bank inaugurated the seminar as the chief guest, a said a press release.

Executive Vice President and Manager of AIBL Agrabad Branch Borhanuddin Ahmed Chowdhury delivered welcome speech.

Md. Mofazzel Hossain, Deputy Managing Director, Mohammed Nadim, Executive Vice President, Nazmus Sadat, Senior Vice President and Engr. Md. Habib Ullah, Senior Vice President of the bank were present.

Managers and officers from 18 branches of Chittagong Zone of the bank participated in the seminar.

Bangladesh Bank Governor Dr Atiur Rahman hands over a crest to M Abdul Mannan, Managing Director of Islami Bank Bangladesh Limited, at a function organised by the Centre for Non Resident Bangladeshis (NRBs) at a hotel in Dhaka on Saturday. US Ambassador to Bangladesh Dan W Mozena is also seen. Sun photo

Bangladesh Bank governor Dr Atiur Rahman on Saturday said having a good forex reserve is not a matter of concern or disappointment as he surplus will be used during ‘rainy days’.

“I’m sure investment will pick up soon and the surplus reserve will be used properly. But there’s no room for complacency as we need more foreign reserves if we compare it with India’s size of reserve,”

he said.
Despite being a trade deficit country, Atiur said, Bangladesh enjoyed a positive balance in current account during the last five years, particularly due to continuation of impressive growth in remittances.

“Aided by robust growth in exports and remittances, and moderate growth in imports, foreign exchange reserve in Bangladesh is now more than US$ 16 billion. This demonstrates our strength. In a decade, literally, it has become double,” said the BB governor.

The central bank chief was addressing a function in the city as the chief guest.

Centre for Non Resident Bangladeshis (NRBs) arranged the event, titled ‘Recognition of NRBs and Supportive Organizations in Bangladesh’, at Sonargaon Hotel with its chairperson MS Shekil Chowdhury in the chair.

US Ambassador Dan Mozena, President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed,

Dhaka Chamber of Commerce and Industry (DCCI) President M Sabur Khan, Islami Bank Bangladesh Limited Managing Director M Abdul Mannan,

Managing Director and CEO of Pubali Bank Ltd Helal Ahmed Chowdhury, MD and CEO of NCC Bank Nurul Amin and a good number of NRBs spoke on the occasion.

The central bank chief said despite adverse impact from global economic crisis and political turmoil in the Middle East, the inflow of remittance maintained a healthy growth.

“Financial and external sector of Bangladesh remained resilient in the face of recent global financial crisis and economic slowdown mainly for these inflows,” he added.

On NRB’s role, he said the contribution of NRBs has been at the heart of policy framework in Bangladesh’s mission of becoming a middle-income country within the next few years. —UNB