UCB Bank signed a contract with BURO Bangladesh to provide services under the Bangladesh Electronic Fund Transfer Network (BEFTN) at UCB corporate head offices in Gulshan recently, says a press release.

M. Shahjahan Bhuiyan, managing director of UCB, and Zakir Hossain, executive director of BURO, signed the agreement.

Under the agreement, UCB will work as the originating Bank for BURO in the collection and distribution of funds under the Bangladesh Electronic Fund Transfer Network.

Shafiqul Alam, additional managing director of UCB, Md Mosharrof Hossain, finance director of BURO, Md Mukitul Islam, director operation of BURO, Muhammad H Kafi, senior executive vice-president and head of IT of UCB, Md Tariqul Azam, senior executive vice-president and head of CRMD of UCB, and other officials of both organisations were also present.

The Independent/Bangladesh/ 2nd April 2012

A parliamentary watchdog on Sunday asked the government to take measures to stop immediately what it said "illegal" banking by a number of companies in the name of Multi Level Marketing as fear goes high that a large number of the clients might be cheated.

The parliamentary standing committee on the ministry of commerce at a meeting also decided to write letters to the governor of Bangladesh Bank, the banking regulator, and the Finance Minister, asking them to prevent banking transaction by the MLM companies, including that of by the Destiny Group.

The matter came for discussion on the heels of media reports that Destiny Group was doing illegal banking, taking advantage of lack of specific legislation and lax implementation of existing banking laws.

Presided over by ABM Abul Kashem, the chairman of the committee, the meeting asked the commerce ministry to prepare a bill for placement on House table to prevent such illegal activities.

Former commerce minister Muhammad Faruk Khan had last year said that a draft was prepared to formulate a law to monitor the MLM companies. But no significant development followed.

Sunday's meeting was important as a huge number of clients have paid millions of taka to various MLM companies and media reports hinted that Some companies might cheat on the clients, simply by disappearing.

“A total of 17 MLM companies are in operation in the country,” Abul Kashem told reporters after the meeting at a parliament briefing room. He also said that some companies are accused of siphoning off money abroad.

The meeting also discussed similar problems involving a number of companies that have been using websites to lure innocent people.

Attended among others by committee members Tahura Ali, Md Abul Kashem, Rumana Ahmed and Sheikh Afil Uddin, the meeting expressed concern over the price hike of edible oil and eggs.

The meeting asked the commerce ministry to look into the price hike of these essential commodities and take measures to bring down their prices.

The committee also wanted to know if the government was prepared to hoard some commodities ahead of the Muslim holy month Ramadan.

It asked the government to keep prices of 16 essential commodities, including soybean, palm oil, sugar, rice, pulse, wheat, potato, onion, garlic, zinger, slat and powdered milk, within the commoners reach.

The Independent/Bangladesh/ 2nd April 2012

Bangladesh Commerce Bank Limited (BCBL) recently launched mobile banking service.

S A Chowdhury, CEO and managing director of the Bank, formally inaugurated the service by sending money from Bogra to Dhaka head office, says a press release.

BCBL’s mobile banking is designed to provide financial service to its customers, aimed at particularly the underprivileged group of the society.

The Bank will provide this service through different branches and agents’ network across the country.

The Daily Sun/Bangladesh/ 2nd April 2012

Prime Bank Limited has approved 20 percent stock dividend and 10 percent cash dividend for its shareholders for the year 2011.

The approval came at the 17th annual general meeting (AGM) of the Bank held at a city hotel in the city recently, said a press release.

Md. Shirajul Islam Mollah, chairman of the board of directors of the Bank presided over the AGM.

Chairman of the Bank Md. Shirajul Islam Mollah said the Bank has earned successes based on their continuous support and confidence shown toward the Bank.

The Daily Sun/Bangladesh/ 2nd April 2012

Bangladesh Bank has advised the people not to transact with unapproved financial institutions that are active across the country.

A handout issued by the central bank said that many unauthorised organisations ask the people to invest in their businesses by offering high rate of profits, but the people might be cheated in such transactions with these firms.

The central bank is concerned as some organisations are running banking business throughout the country, although they don’t have any approval from the Bangladesh Bank, said the officials.

High official sources in the Bangladesh Bank told daily sun that the central bank will take necessary measures in this regard if they are formally instructed by the Ministry of Finance.

The Daily Sun/Bangladesh/ 2nd April 2012