The Mirzakhil Branch of First Security Islami Bank Ltd (FSIL) was inaugurated in Chittagong on Thursday.

Quazi Osman Ali, Deputy Managing Director of First Security Islami Bank Limited inaugurated the branch, said a press release.

Wahidur Rahman, Zonal Head, Chittagong, Taher Ahmed Chowdhury, Head of ICT Division, Azam Khan, Head of Marketing, Development & Public Relations Division, Md. Mamun-ur Rashid, Manager, Mirzakhil Branch, Branch Managers of Chittagong Division of the bank and local elites were present on the occasion.

 Dhaka Bank Limited signed a MoU with Labaid Group recently.

Niaz Habib, Managing Director of Dhaka Bank and Dr. AM Shamim, Managing Director of Labaid Group signed the agreement on behalf of their respective organisations, said a press release.

Under the agreement, Dhaka Bank cardholders (both debit and credit) and employees will enjoy up to 25 percent discount on different medical services they avail from any of the outlets of Labaid across the country.

Moreover, Dhaka Bank also extended a Term Loan facility of Tk 249.12 million to Labaid through Dhanmondi branch for expansion of their business.

Among others, Deputy Managing Director of Dhaka Bank Emranul Huq, EVP and Dhaka Bank Dhanmondi branch Manager Sk. Abdul Bakir, EVP and Head of Card Operations of Dhaka Bank Shah Azizul Islam, Head of Card Business of Dhaka Bank Mostafizur Rahaman along with other high officials of both the organisations were present. 

The state-owned Rupali Bank Limited received Best Corporate Award-2013 for ensuring accountability and good governance.

The Institute of Cost and Management Accountants of Bangladesh (ICMAB) announced Rupali Bank as best bank of the country after evaluation annual statement of the financial institutions in 2013, said a press release.

Recently, ICMAB by sending a letter to M Farid Uddin, Managing Director, Ruapli Bank Limited informed the bank management of being selected for the award.

Mohammad Selim, President, ICMAB and Muzzaffar Ahmed, Chairman, evaluation committee of best corporate award signed the letter.

In 2011 and 2012 fiscals, Rupali Bank Limited received ICMAB first prize for the best presented accounts and reports.

Bangladesh Bank (BB) has initiated a process to establish a separate center for promoting leadership in the country’s financial sector.

The organization-Centre for Leadership Excellence in Financial Sector (CLEFS)-will be built on 10.64 acres of land at Nasirabad in the port city of Chittagong.

“The central bank’s board has already approved the project,” BB Executive Director M. Mahfujur Rahman told BSS.

He said the centre would be developed following the model of the Sasana Kijang, a leadership excellence centre of Bank Negera Malaysia, the central bank of the East Asian developed economy.

“The centre would provide trainings to mid and high level executives of the central bank and other banks and financial institutions so they can develop their own talent through effective learning initiatives,” Rahman said.

A file photo shows farmers sowing potato seeds on a land in Munshiganj. The Bangladesh Bank board on Tuesday approved a fresh refinance fund worth Tk 200 crore for making active bank accounts with Tk 10 deposits of marginal and landless farmers.

The Bangladesh Bank board on Tuesday approved a fresh refinance fund worth Tk 200 crore for making active bank accounts with Tk 10 deposits of marginal and landless farmers, said officials of the central bank.
The marginal and landless farmers, small shop owners, hawkers and people affected by river erosion having the Tk 10 accounts will get loans under the refinance scheme with a 12 per cent to 20 per cent interest rate.
The BB board also approved separate two regulations – Bangladesh Payment and Settlement System Regulation, 2014 (amended) and Regulation on Electronic Fund Transfer – at the meeting.
BB governor Atiur Rahman presided over the meeting at the central bank headquarters in the capital.
BB spokesperson and executive director M Mahfuzur Rahman told New Age on Tuesday that the clients would count 20 per cent rate of interest if they received the loan from the refinance fund through the linkage of non-government organisations.
The clients, however, will have to count 12 per cent interest rate if they received the loans through the scheduled banks.
The banks will receive the fund from the central bank with interest rate of five per cent.
A client will get maximum Tk 50,000 in credit from the banks for one year.
The banks including Sonali Bank, Janata Bank, Agrani Bank, Rupali Bank, Bangladesh Krishi Bank, Rajshahi Krishi Unnayan Bank and BASIC Bank opened more than 1 crore accounts with initial deposit of only Tk 10.
But the majority of the accounts are now inactive, the BB official said.
He said the banks would disburse the loan under the refinance fund for income generating activities.
According to the approved Bangladesh Payment and Settlement System Regulation, 2014 (amended), the country’s payment system operators and payment system providers will have to procure licences from the BB to conduct their business operation.
Payment system operator (PSO) refers to an entity for operating a settlement system for payment activities between participants of which the principal participant must be a scheduled bank or financial institution.
The PSOs are settling inter-bank transaction between banks and clients through automated teller machines.
Q-Cash, Cashlink Bangladesh and OMNIBUS are now providing such type of services in the country’s baking sector.
The PSOs and the PSPs will have to maintain a capital structure in a bid to mitigate their financial risks, according to the BB’s amended regulation.
From now on, the BB will monitor and supervise the PSOs as they are now brought under the central bank’s licencing, the BB official said.
‘The inter-bank settlement through ATM and point-on-sale increased significantly in the last few years. The settlement is mainly completed through the PSOs, so it is important to monitor them,’ he said.