The Bangladesh Bank has directed the commercial banks to display information on their credit services at visible places of head offices or branches to make the credit information available to their clients, officials said on Wednesday.

“We have taken the latest move aiming to provide more financial facilitates to the potential entrepreneurs,” a senior official of the BB told daily sun, adding that the central bank is closely monitoring the activities of different banks.

The central bank on Wednesday issued a circular in this connection and asked the chief executives and managing directors of all scheduled banks to follow the instruction properly.

The BB fresh move came against the backdrop of non-compliance of the existing guideline to help credit information available to the entrepreneurs.

The central bank took the move following a decision taken at an inter-ministries meeting during last February.

As per the circular, the commercial banks should display all necessary information in their websites. Commercial bank information to be displayed are annual financial reports, amount of deposits, and interest of different credit schemes and schedule of bank charges.

Top businessmen of the country welcomed the BB’s move, saying that it will help them choose suitable credit scheme.

“The central bank has taken the right step by directing banks to display their credit information in visible points at the bank premises. It should be strictly monitor whether the instruction is followed or not,” director of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Md Helal Uddin said.

He, however, said that the commercial banks during last 15 days were not sanctioning any new loan for opening Letter of Credits (LCs).

News: Daily Sun/ Bangladesh/ Mar-10-2011