Md. Shah Alam, Principal, Z Rahman School and College, distributes blankets among the students of Z. Rahman Premier Bank School and College in Dhaka on Thursday.

Premier Bank Limited distributed blankets among the students of Z. Rahman Premier Bank School and College and other cold-hit people dwelling in the nearby areas.

The board of directors and the management of the bank carried out the distribution programme, said a press release.

Bangladesh Bank on Wednesday asked the scheduled banks and non-bank financial institutions to extend sufficient cooperation to the individuals willing to invest in the government securities.

To this end, the BB issued a circular to managing directors and chief executive officers of all banks and the NBFIs saying that the central bank had been informed that individual-level investors were not getting proper support from their banks in investing treasury bills and T-bonds.

The BB asked the banks to activate their operation in selling and purchasing the government securities in the secondary bond market as the individual-level investors are now more interested in investing in the T-bonds and the T-bills.

‘Some banks are now reluctant to encourage individual-level investment in the government securities and they also mislead their clients in this connection,’ A BB official told New Age on Wednesday.

According to a government ordinance about the issuance of government securities, individuals and institutions resident in Bangladesh such as banks, NBFIs, insurance companies, bodies corporate, authorities responsible for the management of provident funds and pension funds will be eligible to purchase the T-bills and T-bonds, the BB circular said.

Individuals and institutions who are not resident in Bangladesh will also be eligible to purchase the government securities with coupon payments and resale or redemption proceeds transferable abroad in foreign exchange.

Such type of purchase is made with funds from a non-resident foreign currency account with a bank in Bangladesh in the name of purchaser.

Besides, the government securities purchased by a non-resident may freely be resold to a resident in Bangladesh or to another non-resident, the BB circular said.

It said that the banks and the NBFIs, which has MI module account with Motijheel office of the BB, are allowed to purchase the required T-bills and T-bonds from the primary auction for the government securities.

The banks will have to open business partner ID for investors to operate such type of business.
The banks also purchase and sell the government securities through the over the counter and online-based trade work station.

Some primary dealer banks have already used the systems to give support to their clients, the BB circular said.
The BB suggested that other banks should follow the successful PD banks which are now using the systems. 

Government wants to know how to amend the relevant law to introduce a separate salary structure for BB and four state banks

The government has sought a detailed legal suggestion from law ministry on a separate pay scale for Bangladesh Bank and four state-owned commercial banks.

Earlier, the ministry gave an opinion which, according to the officials, was not complete as it only suggested amendment of the relevant law but didn’t say how to amend it. 

Now the finance ministry wants suggestions on how to amend the Services (Reorganisation and Conditions) Act, 1975 to implement a separate pay scale for the banks.

Bangladesh Bank’s pay scale is out of the purview of the act.

To bring the staff of the central bank under a separate pay scale with the state-owned four commercial banks, the law will have to be amended.

“The previous legal advice from the law ministry was not enough and lacked adequate instructions on amendment of the law,” said a finance ministry official.

“Due to pressure from Bangladesh Bank, the law ministry might have done it hurriedly.”

Finance Minister AMA Muhith on Tuesday reiterated that the government would soon implement a

separate pay scale for Bangladesh Bank and four state-owned commercial banks.

He said: “The process of implementation would start from where it got stuck.”

According to the official sources, the implementation division of the finance ministry sought suggestion again from the law ministry on a separate pay scale before January 5 election.

Implementation of separate pay scale for the employees of Bangladesh Bank and four state banks has been stuck due to legal complexities.

Prime Minister Sheikh Hasina signed the recommendations of the secretaries’ committee on separate pay scale on November 12 last year.

Under the new 11-grade pay scale which will replace the existing 20-grade pay structure, the basic salary for those in the lowest grade will be Tk6,000 and for the highest grade will be Tk55,000.

Currently, the four banks have around 90,000 employees while the central bank has nearly 6,000. 

City Bank Limited donated blankets to Bangladesh Bank for distribution among the cold-affected poor people of the country recently.

Faruq Moinuddin, Additional Managing Director of City Bank handed over the blankets to A.F.M. Asaduzzaman, General Manager, Governor’s Secretariat of Bangladesh Bank, said a press release.

Mohammad Zahirul Islam, Head of CSR and Yeahia Mirza, Head of PR of the bank were also present on the occasion.

AKM Shahidul Haque, Managing Director and CEO, and Khondoker Nayeemul Kabir, Deputy Managing Director of Midland Bank Limited, are seen with the participants of a training course at the head office of the bank in Dhaka recently.

Midland Bank Limited organised a training programme on “Internet Banking Operation and Administration” for officials of the bank at Head Office of the bank recently.

AKM Shahidul Haque, Managing Director and CEO and Khondoker Nayeemul Kabir, Deputy Managing Director of the bank jointly inaugurated the programme, said a press release.

Some 24 officials of the bank participated in the training programme initiated by the Information Technologies Division of the bank.

In his inaugural speech the CEO of the bank emphasised on the maximum utilization of technologies in the day to day activities of the bank and importance of necessity of the training for the bankers.

AKM Ahsan Kabir, AVP and Head of IT division of the bank presented detail about the Internet Banking activities in the programme.