Insurance Development and Regulatory Authority (IDRA) requested Bangladesh Bank to allow proposed insurance companies to open accounts with the scheduled banks and deposit minimum deposit with the central bank.

“The IDRA made the request to the BB, as there is provision at present under the existing laws to open accounts in the name of any proposed insurance company and depositing money with the central bank,” said an official of the insurance regulator.

On March 28 this year, the IDRA sent a letter signed by its member Naba Gopal Bonik to the general manger of the Banking Regulation and Policy Department of the BB.

As per section 21 of the Insurance Company Act, 2010, the entrepreneurs of any proposed insurance company have to deposit a portion of their respective paid-up capitals of the company with a scheduled bank.

According to the act, minimum paid-up capital for any life insurance company is Tk 300 million while it is Tk 400 million for general insurance. Of the total paid-up capital, the entrepreneurs have to provide 60 percent for depositing with a scheduled bank for seeking registration.

As per the provision, the entrepreneurs have to deposit total Tk 180 million for obtaining linence of a life insurance company and Tk 240 million for general insurance company.

Besides, they have to deposit Tk 15 million or securities of equal amount as deposits for life insurance company, and Tk 25 million for general insurance company.

Later, the entrepreneurs would be able to withdraw the fund with permission of the IDRA authority.

Prof Dr. M Shah Newaz Ali, Chairman of the board of directors of RAKUB, presides over a meeting in Rajshahi Monday.

The 390th meeting of the board of directors of Rajshahi Krishi Unnayan Bank (RAKUB) was held at the board room of RAKUB’s head office in Rajshahi Monday.

Prof Dr. M Shah Newaz Ali, Chairman of the board of directors of RAKUB, presided over the meeting, said a press release.

Md Mofazzal Hussain, Managing Director of the bank and Abdul Mannan, Saifuddin Ahmed, Md Ekram Hossain, Prof Dr. Madan Mohan Dey, Prof Md Abaydur Rahman Pramanik, Directors and Jamil Ahmed, Secretary, Md Abu Hanif Khan, Deputy Managing Director, Md Abdul Khaleque Khan, General Manager of RAKUB Rajshahi Division, Nishith Kumar Saha, General Manager (Audit, Accounts and Recovery), and Md Ekramul Haque, General Manager (Administration) of Head Office of the bank, attended the meeting.

The meeting has reviewed overall activities of the bank and taken important decisions relating to business and administrative matters.

The Board of Directors of Bank Asia at a meeting on Sunday re-elected A Rouf Chowdhury as Chairman of the bank.

Chowdhury, a sponsor director of the bank, is an eminent businessman and industrialist of the country.

A Rouf Chowdhury started his career with a pharmaceutical company. He was the Resident Manager of two American pharmaceuticals companies in Bangladesh for several years.

Shahid Hossain, Managing Director of Southeast Bank, and Md Aftab Uddin Chowdhury, the vice president of HAAB, exchange documents after signing an understanding at the bank’s head office in Dhaka recently.

Southeast Bank Limited signed an Memorandum of Understanding (MoU) with Hajj Agencies Association of Bangladesh (HAAB) at the bank’s head office in Dhaka recently.

As per the agreement, agencies under HAAB across the country will have the access to use Southeast Bank’s online banking facility to collect the Hajj-related fees and expenses of the Hajj pilgrims, said a press release.

Shahid Hossain, Managing Director of Southeast Bank, and Md Aftab Uddin Chowdhury, Vice President of HAAB, signed the MoU on behalf of their respective organisations.

The Hajj pilgrims from remote rural areas will be able to deposit their Hajj fees to the respective accounts of their travel agencies at any nearby branches of Southeast Bank across the country.

Khairul Alam Chaklader, Vice-Chairman of NCC Bank, inaugurates the 95th branch of the bank at Kumarpara in Sylhet Sunday.

NCC Bank Limited opened its 95th branch with online facilities at Kumarpara in Sylhet Sunday.
Khairul Alam Chaklader,

Vice-Chairman of the bank,

formally inaugurated the branch as chief guest, said a press release.

Md Nurul Amin, Managing Director and CEO of the bank, presided over the function while Mostafizur Rahman, former vice chairman of the bank, attended as special guest.