SM Mainuddin Chowdhury, Deputy Managing Director of Southeast bank Limited, inaugurates 100th branch of the bank in Sirajganj on Thursday.

Southeast Bank Limited opened its 100th branch in Sirajganj on Thursday.

SM Mainuddin Chowdhury, Deputy Managing Director of the bank formally inaugurated the branch as the chief guest, said a press release.

In the inaugural ceremony, among others, Lt CDR (Retd) Wares-Ul-Matin, Senior Assistant Vice President and Head of Logistics and General Services Division of Head Office, Md. Khairul Islam, Head of Sirajganj Branch and local businessmen, industrialists, customers, educationists, and local elites were present.

Saifuzzaman Chowdhury, Chairman, Executive Committee, UCBL, inaugurates 135th branch of the bank at Sadarghat in Chittagong on Thursday.

United Commercial Bank Limited opened its 135th branch at Sadarghat in Chittagong on Thursday.

Saifuzzaman Chowdhury, MP, Chairman of the Executive Committee of UCBL was present at the opening ceremony as chief guest while Director of UCBL Shabbir Ahmed and Managing Director of UCBL Muhammed Ali were also present as special guests, said a press release.

Among others Additional Managing Director of UCBL Mirza Mahmud Rafiqur Rahman along with other senior officials of the bank was present at the function.

While speaking chairman of the bank Saifuzzaman Chowdhury said UCBL has generated attractive financial results despite of various economic hurdles.

Dan W Mozena, US Ambassador to Bangladesh, is being received by the high officials of NRB Commercial Bank Limited at the bank’s head office in Dhaka recently.

Dan W Mozena, US Ambassador to Bangladesh made a courtesy visit to the head office and principal branch of NRB Commercial Bank Limited (NRBCBL) recently.

Engr Farasath Ali, Chairman of the Board of Directors of the bank along with shareholders, and Managing Director and CEO Dewan Mujibur Rahman, along with senior executives, welcomed the US envoy, said a press release.

DHAKA, Oct 9: Prime Minister Sheikh Hasina on Wednesday announced that a “palli sanchay bank” would be established in the country to ensure welfare and change the lot of rural people.
“We would set up a ‘palli sanchay bank’ (rural savings bank) for poor rural people so that they could change their fate by utilizing their small savings,” she said. She, however, said: “We’ll have to convince the Banking Division of the Ministry of Finance to establish this bank.” 
Sheikh Hasina said the “One House One Farm Project” has been showing a new path in poverty alleviation, and in the same way palli sanchay bank will be set up for rural people so that none can play ducks and drakes with the fate of this bank.
The Prime Minister was addressing a function marking the inauguration of Digital Banking for the rural poor people and award distribution at national level of the “One House One Farm” project at the Bangabandhu International Conference Center (BICC) here.
Sheikh Hasina said that the poor people of the country earlier could not stand on their own feet after receiving microcredit from different microfinance institutions due to higher interests.  “What we’ve seen earlier that a poor people took microcredit from an institution, but he or she couldn’t repay the interests ... they again had to borrow from another organization. As a result, they got burdened with credit and interest,” she added.
The Prime Minister said her government wants to free the country from this situation. “We are talking about small savings not microcredit so the rural people can stand on their own feet,” she said. 
Mentioning that the aim of the present government is to cut poverty further, the Premier directed the authorities of the “One House One Farm Project” to implement the project properly giving due importance not vying for becoming rich overnight and thus pushing it to the verge of extinction. “You’ll have to execute the project more carefully.”
The Rural Development and Cooperatives Division arranged the function at the BICC.
LGRD and Cooperatives Minister Syed Ashraful Islam and State Minister for LGRD and Cooperatives Jahangir Kabir Nanak also spoke on the occasion.
With Acting Secretary of Rural Development and Cooperatives Division MA Kader Sarkar in the chair, the function was also addressed by project director of the “One House One Farm Project”, Dr Proshanto Kumar Roy.
On behalf of beneficiaries of the project, Konika Mistri of Khulna and Abdul Gani Madbar of Shariatpur spoke on the occasion. 
The Prime Minister said that over nine lakh families in the rural areas have already been brought under online banking, while Tk 170 crore was transacted online. “We hope that we would be able to introduce online banking system in all 485 upazilas of 64 districts in the country by December next,” she said.
The Prime Minister said many people are becoming penniless while repaying the loans they borrowed from NGOs. “We want to free the rural people from this exploitation,” she said.

The Asian Development Bank (ADB) would help Bangladesh import power from hydro-power-rich Bhutan, with the setting up of a regional power transmission line for cross-border electricity trading, an energy expert at the Bank's headquarters said.

"If both Bangladesh and India are linked through the Indian power market, power trading opportunities can be explored in the South Asia region," Len V. George, Energy Specialist, South Asia Department of the ADB, told the FE.

Following the Bangladesh-India cross-border power 

transmission grid operation, the ADB expert was interviewed by the FE as the agency had helped in installing the 400-kilovolt (kv) transmission line to import electricity by Bangladesh from India.

The ADB has financed the cross-border transmission line aimed at expanding a regional power transmission grid in the near future under the South Asian Sustainable Economic Cooperation (SASEC) programme.

Dhaka has already signed a 1000-megawatt power import deal with New Delhi, as Bangladesh has a huge electricity shortage, which has been affecting its economic growth over the years.

Initially India is supplying 175 megawatt (mw) of power, that has begun early this month. Gradually, the neighbouring country will supply 500mw of electricity by the year-end and another 500mw from the next calendar year.

When asked on ADB's possible help in Bangladesh-Bhutan power trade, Len V. George said: "Setting up of the regional grid connecting Nepal, India, Bangladesh, Bhutan, Sri Lanka, Pakistan and Myanmar over the medium term allows greater investment and more optimal utilisation of regional energy resources, e.g. hydropower resources in the region."

The ADB energy expert said variations in weekly or seasonal demands between the countries of the region encourage power trading and more optimal use of resources.

"ADB supports regional cooperation and integration. It is working with the South Asian Association for Regional Cooperation on a South Asia electrical grid allowing regional transfer of power and optimal usage of regional energy resources," Ms George said.

Bhutan and Nepal have huge hydropower potential as the countries have a prospect of 23,000mw and 42,000mw of electricity generation from water resources respectively.

Bangladesh government has already sought corridor from India to install a cross-border transmission line to import power from Bhutan and Nepal. But New Delhi is yet to allow Dhaka to construct the transmission grid.

About the viability of power import from India, Ms George said the cost of HFO (oil) or diesel power projects coming up in Bangladesh is several times higher. 

"This is replaced with cheaper power. Setting up of a regional grid benefits India, Bangladesh and other countries in the region allowing optimal investments and power flows. India will recover its costs from tariff on sale of power," she said.

On the price of Indian power, the ADB energy expert said the first power purchase agreement (PPA) is a government-to-government negotiated contract, while the second one will be commercially priced.

"The present weighted average cost of electricity generation in Bangladesh is low due to dependence on domestically produced gas for the power sector -- with significant subsidies compared to the rest of the South Asian region. This, among other reasons, is causing gas shortages resulting in capacity addition using HFO and diesel at several times this price --- since the cost of not having electricity for the economy is even higher," she added.

About the criticism of Indian power import by some Bangladeshi experts, she said: "India has some short-term surpluses and will add in the region of 90,000mw-100,000mw over a five-year period. Bangladesh also has its own plans to add significant power generation capacity to its existing base in the medium term. The setting up of the regional grid connecting Nepal, India, Bangladesh, Bhutan, Sri Lanka, Pakistan and Myanmar over the medium term allows greater investment and more optimal utilisation of regional energy resources, e.g. in hydropower resources in the region. Variations in weekly or seasonal demands between the countries of the region encourage power trading and more optimal usage of resources."

Ms George noted ADB's support to construction of the 400kv India-Bangladesh grid line will be the first initiative under the SASEC programme. "Additional links are planned in the future," the expert added.