Shahid Hossain, Managing Director of Southeast Bank Limited, inaugurates a branch at Miya Bazar, Chouddogram, Comilla recently.

The 98th branch of Sou- theast Bank Limited was inaugurated at Miya Bazar, Chouddogram, Comilla re-

cently.

Shahid Hossain, Managing Director of the bank formally inaugurated the branch as chief guest, said a press release.

Lt CDR (Retd) Wares-Ul-Matin, Senior AVP and Head of Logistics and General Services of Head Office, Mohammad Golam Azam Faruq, Head of Miya Bazar Branch, industrialists, customers and local elites were present on the occasion.

 The 519th branch of Rupali_Bank was inaugurated at Elisha Jongson Bazaar at Bhola recently.

Mahbubur Rahman Hiron, former director, Md. Yousuf Ali, General Manager and Abul Kalam Azad, Deputy General Manager of the bank were present on the occasion.

Showkat Aziz Russell, Director of UCBL, speaks at the contract signing of ticketing partnership between UCBL and BCB in Dhaka on Wednesday. Nazmul Hassan, MP, President, BCB is also seen at the event.

United Commercial Bank Limited (UCBL) and Bangladesh Cricket Board (BCB) signed a contract on ticketing partnership in Dhaka on Wednesday.

Ticket of Bangladesh-New Zealand series 2013 will be available through 11 branches of the bank, said a press release.

Showkat Aziz Russell, Director, UCBL and Nazmul Hassan, MP, President, BCB were present at the signing event.

Bangladesh-New Zealand series 2013 tickets will be available through six UCBL branches like Principal branch. Corporate branch, Nayabazar branch, Sonargaon Janapath branch, Mirpur branch and Dhanmondi branch.

Tickets will also be available through Agrabad branch and O. R. Nizam Road branch of Chittagong, Chashara branch of Narayangonj and Shahjalal Upashahar and Sylhet main branch of Sylhet.

Mirza Mahmud Rafiqur Rahman along with other executives of UCBL and BCB were present on the occasion.

The microfinance institution coming under govt regulation

The cabinet Thursday approved in principle the draft Grameen Bank Act 2013 with a provision of bringing the microfinance institution under the regulatory framework of the central bank for its “better performance”.

At a media briefing after the meeting, Cabinet Secretary Mosharraf Hossain Bhuiyan said the central bank will supervise the activities of Grameen Bank from now on.

The bank of the poor will also have to report to the central bank, Bangladesh Bank, he added about the change that came following removal of Nobel laureate Prof Muhammad Yunus as its chief. 

In the proposed law, the unapproved capital of Grameen Bank has been increased from Tk 350 crore to Tk 1,000 crore. Even, the paid-up capital now stands at Tk 300 crore, up from earlier Tk 50 crore only.

Replying to a media query, Bhuiyan said no provision is given in the bill regarding the appointment of Managing Director of Grameen Bank, but the term of the directors has been fixed at three years.

GB’s financial operations will be supervised by the central bank. As the central bank, Bangladesh Bank can supervise every bank and financial institution. So, it can play the role of a supervisor of Grameen Bank, he observed.
“The government keeps a close watch on the bank so that none can make the misuse of power, utilising its name,” Bhuiyan mentioned.

“Grameen Bank was founded in 1983 through an ordinance. It has been given a full-fledged legal frame through this proposed law. The amendments, brought after issuing the ordinance, have been enclosed with it.”
As per draft of the new law in the making, a managing board will be in charge of the functioning and supervisory activities of the bank.

The 12-member board will take three representatives from the government and nine from its shareholders and credit holders.

Bank’s managing director will also be a member of the board but he will have no voting right.
The government will employ one of the board members as the chairman of the board.

If the chairman’s post goes vacant for any reason, the post will be filled with any director excepting the managing director.

Badiur Rahman, Chairman of Al-Arafah Islami Bank Limited, inaugurates the 109th branch of the bank at Rashid Tower, Balasur Chowrasta, Sreenagar in Munshiganj on Wednesday.

The 109th branch of Al-Arafah Islami Bank Limited was inaugurated at Rashid Tower, Balasur Chowrasta, Sreenagar in Munshigonj on Wednesday.

Badiur Rahman, Chairman of the bank inaugurated the branch as chief guest, said a press release.

Md. Habibur Rahman, Managing Director of the bank delivered the welcome speech.

AZM Shamsul Alam, Dr. Abdul Hamid Bulbul, Md Abdur Rashid Khan and Mawlana Mufti Md. Yunus spoke on the occasion.