MOULVIBAZAR: Different commercial banks disbursed loans amounting to about Taka 20 million among the small and medium entrepreneurs (SMEs) in the region.

Bangladesh Bank (BB) Governor Dr Atiur Rahman handed over the loans to 200 entrepreneurs at a function at Tetuigaon Rashid High School ground under Kamolganj upazila of the district yesterday.

Of the total loans, National Bank has given Taka 480,000 while 22 other banks Taka 13.7 million.

Taka 470,000 of National Bank was disbursed as ‘open loan’ among the Monipuri weavers.

The BB governor disbursed Taka 13.7 million loan of 22 commercial banks among 64 women entrepreneurs.

Speaking on the occasion, the BB governor said Sylhet and Moulvibazar regions have immense potentials for their Monipuri handlooms and handicrafts.

The local entrepreneurs deserve the full credit for the present position of this industry in this region, he observed.

Dr Atiur stressed the need for ensuring fair prices of the products and resolving problems of marketing for expansion of Monipuri handloom and handicraft industries.

The Bangladesh Bank has identified Monipuri handloom and handicraft as a ‘prospective cluster’, he said and urged the commercial banks to help the cluster in flourishing.

Presided over by BB Sylhet Office General Manager Sultan Ahmed, the function was also addressed by National Bank Managing Director Neaz Ahmed, Moulvibazar District Council Administrator Azizur Rahman and Deputy Commissioner M Mosfafizur Rahman, among others.

The Daily Sun/Bangladesh/ 8th April 2012

Khandakar Md Ikbal has recently joined Sonali Bank as deputy managing director, the Bank said in a statement yesterday.

Prior to the joining, he was the chief executive officer of Sonali Bank (UK) Ltd. He started his career with Investment Corporation of Bangladesh as a senior officer in 1981.

A master's degree holder in accounting from Dhaka University, Ikbal also worked with Agrani Bank and ICB Asset Management Company Ltd.

The Daily Star/Bangladesh/ 8th April 2012

Islami Bank Bangladesh Limited will strengthen its rural development activities through 'Rural Development Scheme' to eradicate poverty. 

The Bank introduced the scheme in 1995 to cater to the investment needs of the agriculture and rural sector of the country to create opportunity for employment and raising income of the rural people. 

"Rural sector occupies an important position in the pre-dominantly agricultural economy of Bangladesh and our Bank is committed to serve the rural economy through the scheme," the IBBL said in a statement.

The Scheme expanded its operations through 183 branches of the Bank in 13,373 villages of the country under 372 thanas of 61 districts. The rural poor are provided with investment facilites in agriculture and 343 selected off-farm economic activities in the rural areas starting from Tk.10,000/- to a maximum limit of Tk 0.3 million.

The amount of cumulative disbursement through this Scheme stood at Tk. 45086.32 million within the 6,24,591 investment clinets upto February 2012. 

The rate of recovery against the running investment is 99 per cent. Besides the investment activities, successful members, so far, have been provided 8,954 tube-wells with amounting Tk.17.71 million and 4,746 sanitary latrines amounting Tk.5.60 million on Quard-e-Hasana (profit-free investment) as a part of health and sanitation programme of the Scheme.

Financial Express/Bangladesh/ 6th April 2012

The expansion of credit flow to the private sector witnessed a rising trend in February 2012, following increased trade financing, after facing fall in the past few months, bankers said.

The rate of private sector credit growth rose to 19.55 per cent in February from 18.94 per cent in January, according to the central bank statistics, released Thursday.

"It's a temporary phenomenon," a senior official of the Bangladesh Bank (BB) told the FE, adding that the private sector credit growth has already recorded a declining trend in March.

The credit flow to the private sector rose to Tk 622.29 billion in February 2012 on a year-on-year basis from Tk 702.79 billion in the corresponding month of the previous year, the BB data showed.

Bankers, however, said the credit growth to the private sector increased slightly during the period under review, mainly due to the rise in trade financing, particularly for scrap-vessels.

"Higher import of scrap-vessels has pushed the credit flow to the private sector to some extent in February last," a senior official of a leading private commercial bank (PCB) told the FE.

The import orders for scrap-vessels increased by 123 per cent to $134.49 million in February 2012 from $60.26 million in January 2012, while the letters of credit (LCs) against imports worth $66.82 million were settled in February against $83.28 million in January. 

The private banker also said the credit flow to the private sector may fall in the coming months, as most banks are not interested to open LCs for less important products, like consumer and luxurious goods, in line with the central bank's advice.

The BB earlier asked the commercial banks to discourage extending credits to less productive sectors for reining in the inflationary pressures on the economy.

The central bank unveiled a 'restrained' monetary policy on January 26, aiming to bring down inflation to a single-digit from the current level of over 10 per cent through discouraging credit flow to unproductive sectors.

Financial Express/Bangladesh/ 6th April 2012

Eastern Bank Ltd (EBL) and Navana Ltd, a brand automobile distributors of the country, have signed a MoU in the city recently, says a press release. Muklesur Rahman, deputy managing director of EBL, and Saiful Islam Shumon, senior vice-chairman of Navana Ltd, signed the MoU.

Ali Reza Iftekhar, managing director and chief executive officer of EBL, was present.Under the MoU, EBL will provide up to Tk 20 lakh automobile loan to Navana customers without any processing fee within five working days at a discount than the usual interest rate.

On the other hand, EBL Auto Loan customers will enjoy special discount on various automobiles at Navana showrooms, discount on Navana battery and lubricants and other value added sales and after sales services. Navana CNG will also offer discount to customers.

EBL Auto Loan is repayable within 60 months and with an option of early full and final settlement.Among others, Anwar Hossain, head of asset, Nazeem A Choudhury, head of cards, Towfiqul Alam choudhury, head of NRB, Ziaul Karim, head of brand and marketing from EBL, and J A Nasser, operative director, Hamdur Rahman Simon, head of sales and marketing, from Navana Ltd.

The Independent/Bangladesh/ 6th April 2012