Probashi Kalyan Bank (PKB), a specialised bank for expatriates' welfare, has decided to set up liaison offices in five key places for Bangladeshi migrant workers by next month to provide its services.

Officials of the special financial institution said the move will encourage the country's millions of workforce who are employed abroad to remit money through official channel and accelerate the flow of remittance as a significant amount of such money comes through illegal ways every year.

"We'll open liaison offices in the Kingdom of Saudi Arabia (KSA), the United Arab Emirates (UAE), Kuwait, Lebanon and Malaysia by April," PKB Managing Director (MD) CM Koyes Sami told the FE after holding a meeting with labour attaches of Bangladesh in 15 missions abroad.

A bank official will remain attached with Bangladesh missions in these countries and the main responsibility of this official will be to help migrant workers open accounts and encourage them to send money to Bangladesh.

"We'll also open such offices in other missions later on," he said, adding the bank will provide insurance coverage to the fixed-deposit holders and loan takers. "We need to spread the message of functioning of the bank to all the migrant workers," the MD said. 

The bank's authorities requested all the labour attaches who participated in the meeting to act as spokesmen of the bank so that the remitters could know better about the banks.

More than five million Bangladeshis have been working in these five countries in various sectors like construction, garment factories, agro-farms and as house servants who contribute significantly to the country's struggling economy.

Mr Sami said the expatriates' welfare bank had extended its activities to place its services to the doorsteps of migrant workers and their families. As part of it, it has already opened branches in all divisional headquarters of the country.

Syed Zahid Hossain, first secretary (labour) of Bangladeshi High Commission in Singapore, said the bank authorities should immediately take some measures, including developing collaboration with remittance houses, money exchange outlets and local banks in the countries.

First Secretary (labour) of Bangladesh High Commission in Libya Ahsan Kibria said attention of the remitters can be drawn by providing highest rate of interest compared to other banks. 

"Software of the online-based bank needs to be made easier so that the workers can communicate with the bank regularly through internet without coming to the office," he added.

According to Bangladesh Bank, the country received US $ 974.46 million remittance in February compared to US $ 827.46 million in the corresponding period a year ago, recording a 17.69 per cent growth.

The total remittance received in first eight months of the current fiscal year stood at US $ 7.5 billion against $ 7.31 billion in the corresponding period a year earlier.

Financial Express/Bangladesh/ 19th March 2012

Agricultural professional organisation National Agricare Group and BRAC Bank signed a Memorandum of Understanding (MoU) recently,says a press release.

Both the institutions have reached to an agreement to conduct agricultural loan among the successful distributor of National Agricare Group.The agreement was signed   by KSM Mustafizur Rahman, managing director of National Agricare Group, and Md Mamdudur Rashid, deputy chief managing director of BRAC Bank.

A S M Ali, financial consultant, Tareq Mahmud, deputy manager (accounts), Md Asrafur Rahman , sales promotion coordinator of National Agricare Group,  and Abdur Rahman, head of SME of  BRAC Bank were also present.

The Independent/Bangladesh/ 19th March 2012

Pubali Bank (PBL) and Runner Motors Limited signed a memorandum of understanding (MoU) with a view to supply farm equipment (tractor) to farmers.

The signing ceremony took place at Pubali Bank head office recently, says a press release. B M Shahidul Haque, deputy general manager, Kawran Bazar corporate branch of Pubali Bank Ltd, and Hafizur Rahman Khan, chairman of Runner Group, signed the MoU.

Helal Ahmed Chowdhury, managing director of Pubali Bank Limited, was also present.As per the MoU, a farmer can get loan from PBL on easy terms to buy farm machinery.

The Independent/Bangladesh/ 19th March 2012

Governor of Bangladesh Bank Dr. Atiur Rahman said that he would pull back inflation to single digit by managing revenue and monetary policies.  He was addressing as the chief guest of a meeting on ‘promoting banking excellence and integrity at the branch level’ held at hotel Agrabad in the port city on Sunday.

The meeting was organized jointly by department of off-site supervision, head office, Dhaka and Bangladesh Bank, Chittagong branch. Dr. Atiur said that the implementation of conservative monetary approach policy incorporated in the new monetary policy which would play a vital role in pulling back the inflation. The governor claimed that the market of foreign currency has been quite stable now.

The governor said the central bank has been working hard in supervising the banks at branch levels to maintain the stability in the banking and financial sector of the country. In a bid to improving the supervision activities the central bank has organized the first town hall meeting in Chittagong, out side of the capital, and more meeting will be organized in other parts of the country, he added.    

The banking sector around the globe has been going through a transition period and new risks and problems have been evolving in this sector, Dr. Atiur said, adding that “We have to adopt innovative measures to cope with the new risks and problems.”        

“We must update ourselves as the supervisor of the banking sector of the country to keep pace with the changing trend of the sector worldwide,” Atiur said. He urged the officials of the central bank involved in supervision to be cautious and tactful while auditing the branches and send the inspection report to the head office immediately after the visit as the authority can take prompt action to stop the any irregularities found.  

Chaired by Nowshad Ali Chowdhury, executive director of Bangladesh Bank, the meeting was also addressed by deputy governor Abu Hena Mohammad Razi Hasan and senior consultant Muhammad Allah Malik Kazemi as special guest. Banking Supervisor Advisor of the central bank Glenn Tasky addressed the meeting as a main orator and delivered the main presentation on the banking supervision.

The Independent/Bangladesh/ 19th March 2012

Prof. Abu Nasser Muhammad Abduz Zaher, Chairman, Islami Bank Bangladesh Limited, inaugurating ATM booth at Maijdee Court branch in Noakhali recently.

Islami Bank Bangladesh Limited (IBBL) has opened a new ATM booth at Maijdee Court in Noakhali recently.

Prof. Abu Nasser Muhammad Abduz Zaher, chairman, Islami Bank Bangladesh Limited, inaugurated ATM booth, said a press release.

Among others, Md. Abul Bashar, deputy managing director of the Bank, ANM Najmul Bari Imami, executive vice president and Noakhali zonal head, AHM Khairul Alam Selim, acting president of Noakhali district Awami League, Anwar Mirza, chairman, Al-Amin Group of Industries and other branch managers of the Bank were present.

The Bank has a 1200 ATM booths of its own and shared.

The Daily Sun/Bangladesh/ 19th March 2012