Bangladesh Bank has launched Integrated Supervision System to bring all banks and non-bank financial institutions of the country under online monitoring.

With the launch of the system, the central bank can view online the financial statuses of the banks and financial institutions across the country.

Bangladesh Bank Governor Dr Atiur Rahman inaugurated the system at the central bank headquarters in Dhaka on Tuesday.

A Bangladesh Bank officer can now supervise a bank located in remote area by sitting at his desk in Dhaka as he will be able tom see the bank’s financial status online.

“Integrated Supervision System is to report on banks online,” said Governor.

He said the new system is associated with automatic risk identification method, multidimensional analytical tables, charts and graphs.

Besides, the observation period for the activities of banks’ head offices and branches will come down to one month thanks to the system.

Taking decisions in the central bank will be faster as well.

In Addition, the field supervisors can take necessary information from website before going to inspection of a bank.

Officials said the banks and financial institutions must develop an effective management information system (MIS) to supply information to the integrated supervision system.

The integrated system will also help banks and non-bank financial systems monitor their own branch offices across the country, said the central bank source.

The source said it will increase the effectiveness of the internal control system of the banks.