Banks asked to set up remittance help desk

Posted by BankInfo on Fri, Jun 16 2017 11:01 am
Star Business Report

Bangladesh Bank has asked scheduled banks to introduce 'remittance help desk' at all their branches to improve service.

The central bank yesterday issued a circular in this regard, instructing lenders to take necessary measures so that remitters feel encouraged to send money through the banking channel.

Banks have also been asked to provide remittance-related information to the recipients on a priority basis.

As per the notice, branches will let beneficiaries lodge complaints if they are unhappy with the services or face any harassment.

The central bank also asked banks to inform clients of the benefits of sending money through banking channel.

The circular was issued after a BB research found that the remitters are reluctant to send money through banking channel because of poor service, said a central banker.

Bangladesh received $11.55 billion in remittance in the 11 months of the current fiscal year, down 14.18 percent from the same period in the last fiscal year, according to BB data.

The fall in remittance prompted the government to take measures to enhance remittance receipts.

BB has also stopped intervening in the market, retaining the dollar price at a certain level. As a result, the exchange rate went above Tk 80 per dollar in the last two months.

Also, the government is set to put in place a dedicated portal for migrant workers.

From the portal, migrant workers will have easy access to work permit-related information of their host countries, while prospective ones can get visa-related particulars.

The government will also encourage the private sector to explore new labour markets and send workers abroad at low cost under state initiatives.

The other measures include developing training infrastructure and imparting training to migrant workers to help them meet job requirements of the host countries.

Remittances from workers overseas contribute to Bangladesh's economic growth by supporting household income and consumption.

Money sent by Bangladeshi workers accounted for 6.7 percent of the gross domestic product in 2015-16.

But muted remittances growth could weigh on consumption, said Moody's on Sunday.

Islami Bank channelled the highest amount of remittance during the July-April period, bringing home $2.21 billion, according to BB data.

Dutch-Bangla Bank brought home $489 million, National $411 million, Uttara $381 million, Pubali $351 million and Bank Asia $313 million.

Among the state banks, Agrani Bank channelled the highest amount of remittance, at $1.11 billion.

news:daily star/16-jun-2017
Posted in Banking, News