In this age of technology, internet banking is quite a handy way to keep track of your finances. You simply log on through your bank's website, and you can do things like setting up standing orders, transferring money to people or other accounts, recharging your cell phones, and ordering cheque books etc. In a word, all the jobs that you would otherwise do going to a branch of a bank physically, can be done by logging on the website of your bank.

In the developed countries branch banking has already become obsolete. Though late, our banking industry is heading to this direction. Electronic banking also allows you to get financial deals that are just not on offer in the offline world. For convenience sake, you can't beat an online bank!

Among the domestic banks in Bangladesh, the private ones are ahead of their public sector counterparts in respect to going digital. AB Bank, Bank Asia, BRAC Bank, City Bank, Dhaka Bank, Dutch-Bangla Bank, Eastern Bank, First Security Bank, Islami Bank, Mercantile Bank, Mutual Trust Bank, NCC Bank, Prime bank, Premier Bank, Shahjalal Islami Bank, Southeast Bank, Standard Bank and Trust Bank are some of the banks marching towards e-banking. Some of them have full-fledged e-banking services but many are at primary level indeed. However, all are getting huge response from the customers and the remaining ones are expected by computer literate clients to launch internet banking.

The risk lies here as very few internet browsers have enough security awareness for surfing the internet. Earlier this issue of security was not much of a serious matter; the net users used to explore the sites without confronting any threat of loss but now it is all about money. So, security should be of the top-most priority. It is high time to use the internet, considering all the security measures.

However, the popularity of online banking has not gone unnoticed by the criminal gangs. The cyber criminals are also trying their best to fool your banker and you. One of the most common ways that a criminal will attempt to part you with your money is through something known as Phishing. Phishing is pronounced 'fish-ing'. The fisherman is a criminal, the bait is usually an e-mail that attempts to panic you into action, and the fish is you (the client)! Normally the criminal sends out thousands of e-mails using a list he got from a spammer.

The e-mail sent to you pretends to be from a real bank. Most people to whom the criminal sends the e-mails, will not have an account with that bank. But some will. It is those few that the criminal is after. In the e-mail, you may be warned that your banking details need updating, and it is essential that you act now to protect your account. They will usually try to scare you into taking action.

And there is always a link for you to click on. All you need to do is to click on the link and you will be taken to another area where you can enter your details. If you click on any of these links, you'll be taken to a page that does indeed look like your bank's website. In fact, it is not.

One trick the criminal may use is to have an address that looks similar to your bank's. For instance, the real website address of your bank is www.ibbl.com. Now take a closer look at this address, www.ibb1.com. The address has been spoofed. The "l" (letter l-el) is now "1" (numeric 1-one). But some spoofed addresses are quite difficult to spot, and even fool the more experienced surfers. You need to look for other clues in your browser.

One thing that all browsers will have is padlock icon. These are supposed to tell you that the site is using security measures. If you're using Internet Explorer 7, you'll see this to the right of the address bar. Click on the padlock and you'll see information about the security certificate. Click the link that says 'View Certificates'. Click the 'Details and Certification Path' tabs at the top. There should be plenty of details for you to view. Make sure the certificate has not expired.

The Firefox browser has more visual clues than Internet Explorer. Notice the address bar from Firefox. The address bar will turn yellow on a secure site, and the padlock is just to the left of the blue down arrow. Firefox also has another padlock. Look in, at the bottom left. Double click the padlocks and you'll see the security certificate. Notice the name of the website to the left of the padlock carefully.

One more thing is to be noted. The address for a secure site normally starts with https. If the "s" is missing, it's not a secure site! Every intelligent netizen must remember that your bank will never send you an e-mail asking for you to log in details! If you receive such an e-mail, forward it to your bank.

And don't click on the link! The same is true for other secure websites that hold your money - PayPal (coming soon in Bangladesh) never send you e-mails asking you to confirm your details! The latest versions of Firefox and Internet Explorer have anti-Phishing measures built in. You should make sure these are turned on when accessing secure websites. (In Internet Explorer 7, click Tools > Phishing Filter > Check this Website.)

Password may fail you if it is not wisely made and managed. In fact, we have all got lots of passwords! We've got so many that it has become increasingly difficult to keep track of them all. Banking passwords are no different. But the recommendation is to keep changing each one every few months or so!

Because, the whole password process is cumbersome, some people have one password for all of the sites on the internet that ask for them. This is something you should never do! You need a different password for each site. The reason is simple - if a criminal has your password for one website, he has got them for all your sites - he could clean you out!

The problem is, how do you remember them all? One technique for password creation is to take letters and numbers from a favourite song, saying, or something that's special to you. For example, a favourite saying of your own may be "only the uncertainty is certain in this world"! To turn this into a password, take the initial letters of each word. You'd then have this: 'otuicitw'. Let us complicate it a bit, by adding some capital letters: 'OtuicitW' slightly more secure. Let's add a number: '1OtuicitW10'.

Adding non alpha-numeric character helps password security enormously. '1_OtuicitQ_10'. Now, not only is the password longer, but also it has a mix of numbers, lowercase and uppercase letters, and non alpha-numeric character. This makes it more secure and harder for criminals to guess. A password like this is also easier for you to remember. Passwords should never be just four characters long! The reason is that criminals may have password-cracking software. Using such software, short passwords can be cracked in no time at all. Use at least eight characters.

Try not to log in to your bank account using somebody else's computer. Simply because you have no idea what security measures they take, and whether or not the computer is infected. Internet cafes are also not somewhere you should be entering security information.

In an internet cafe, all the data you enter are logged and saved by the owners. In some countries they are forced to do this by the state law. You can never be sure that your data are safe from prying eyes. Also, what if you forget to log out properly? The next person who uses the computer could see all of your details, and have access to your bank account!

The only place you should be entering your bank details are from your own personal computer (PC). Of course, you need to make sure that your own computer is safe from infection, and take sensible security measures when it comes to the e-mails you receive.

For ensuring safe internet banking basic computer literacy with security issues is a must. Any bank, being the custodian of the hard-earned money of the valued clients, should play a significant role in this regard. As an organisation a bank has enough scope to build awareness among its customers.

The banks can arrange internet learning programme for their existing and prospective e-banking clients, highlighting the security issues related to the transactions. Likewise, the customers should not depend only on the bank for safety. They should shoulder some responsibility, too, to learn the proper use of the internet for the sake of their own benefits. The combined efforts by the bankers and customers will be more effective to safeguard the banking transactions.

We need to remember the developed world is suffering a lot due to cyber crime - losing huge amounts of money digitally. So, if we don't look before we leap, we will be exploited digitally and once the security becomes alarming, the clients will be discouraged to go digital. Then the merits of e-banking will start turning into demerits and the growing e-banking movement may face a setback.

Who does not know that prevention is better than cure? Remember anything digital is not that it will be of hundred per cent perfect. The way you are served is changed, so is the way you are robbed. But what's wrong if we try to adopt more and more viable security measures with our intelligence? After all, this is the age of survival of the fittest!

Financial Express/Bangladesh/ 26th Feb 2012

A solid U.S. candidate to head the World Bank would be good for the United States and the bank because the world’s largest economy should be represented in top international bodies, outgoing President Robert Zoellick said on Saturday, while emphasizing he has no role in the selection process.

In an interview in Singapore, Zoellick also said he did not believe Spain, Italy or Portugal needed bailouts to ease massive debt burdens but that reforms needed critical support of Germany and other European leading nations and expressed cautious optimism that the global economy would sustain growth this year.

The World Bank last week launched the nomination process to select a new president to succeed Zoellick when he steps down in June, inviting names from any of its 187 member countries. The Obama administration has said it would open the process to competition.

Zoellick noted however that Americans did not hold top posts at the United Nations, World Trade Organization, regional development banks or International Monetary Fund.

“I want the United States to feel a sense of responsibility to the international system. So in that sense if you get the right American candidate I think that can be good for the United States and the bank.”

So far, two people most often mentioned as possible successors are both American: U.S. Secretary of State Hillary Clinton and former White House economic adviser and former Treasury Secretary Lawrence Summers. The State Department has insisted that Clinton would not be taking the job.

Much like in 2011, when Dominique Strauss-Kahn resigned as managing director of the International Monetary Fund, officials from countries such as Brazil and the Philippines said it was time to break the decades-old pattern of putting an American in charge of the World Bank and a European atop the IMF.

Agustin Carstens, Mexico’s central bank governor, who had made an unsuccessful bid to head up the International Monetary fund last year, said on Wednesday the World Bank presidency should be open to a wide field of candidates.
Zoellick said the latest Greek bailout totaling 130 billion euros would merely buy time.

“It’s too early to know, partly it depends on the actions the Greeks have to take,” he said.
“I think that the European Union has dealt with Greece as one element but the core elements are really going to be the success of some of the bigger countries, such as Italy and Spain.”

But he said bailouts weren’t necessary for these two countries or Portugal.
“Each country’s situation is different and you really have three interconnected problems. For some it’s the size of the sovereign debt, for some it’s the effect on the banking industry, and for some it’s their competitiveness,” he said adding that “Spain and Italy need time to make the reforms.”

The Independent/Bangladesh/ 26th Feb 2012

Arajit Kumar Das, deputy general manager of Agrani Bank Rangpur Circle, addresses a day-long workshop in Gaibandha.

GAIBANDHA: Speakers at a function yesterday laid stress on easy access to agriculture loans for the farmers so that agro-production could achieve sustainable growth.

As the majority people of the country depends on agriculture for earning their livelihood, there was no choice other than developing the agriculture sector, they said.

They came up with the urge at the inaugural function of a day-long workshop on ‘Agro- financing and Recovery: Outreach in Gaibandha’.

Agrani Bank Training Institute (ABTI) organised the function at Zilla Parishad auditorium in the district town.

Arajit Kumar Das, Deputy General Manager (DGM) of Agrani Bank Limited for Rangpur Circle addressed the function as chief guest while Assistant General Manager (AGM) of rural credit division of the Bank Nezabat Ali and AGM plus faculty member of ABTI Sadhan Chandra Mondal, course coordinator and principal officer Jahangir.

The Daily Sun/Bangladesh/ 26th Feb 2012

The government is going to form a committee to prepare a set of recommendations about the future operation of Grameen Bank (GB) include the appointment of its new Managing Director.

The ministry of finance will announce the three-five member committee including its chairman soon after getting approval from the Prime Minister Sheikh Hasina, a senior official of the ministry said. Earlier the ministry has prepared a proposal to this effect.

The official also said the committee will also be asks to implement the recommendations of the Prof AK Monowar Uddin Ahmed review report on GB, the pioneering microfinance institution of the world.

Earlier, Deputy Managing Director of GB, Mohammad Shahjahan, appointed an acting managing director for the bank on August 16, 2011.

Sources in the finance ministry said the decision to form a committee was finalised at a meeting last week, presided over by finance minister AMA Muhith at his secretariat office.

Bangladesh Bank (BB) sources said BB will have to appoint an administrator if the financial institution fails to appointment its MD within three months as per the existing Bank Company Law. A BB authority has appointed administrators in different commercial banks during last 10 years, sources also said.

The provision 14(1) of Grameen Bank ordinance says that the government or Bangladesh Bank is the ultimate controlling authority regarding the appointment and removal of the managing director of Grameen Bank, sources said.

GB Chairman Khondaker Muzammel Huq earlier told newsman that the bank has failed to select a new MD due to various complexities in last seven months.

Earlier, on March 2, 2011, Bangladesh Bank removed Nobel Laureate Muhammad Muhammad Yunus from GB, which he fathered in 1983, alleging that he was overaged to hold the position as per the GB ordinance.

Banking Division Secretary Shafique Rahman Patwary also told daily sun last week that a committee will be formed soon to appoint an MD and to implement the recommendations of the review report on the bank.

“The issue of the bank’s interest rates on credits to the poor people should be looked into by the proposed committee and will recommend on this issues,” he said.

The secretary also said the financial condition of the bank was good compared to that in previous years.

“We have already forwarded GB chairman’s appeal of corporate tax exemption to the National Board of Revenue”, he also said.

Meanwhile, Grameen Bank Chairman Khondaker Muzammel Huq sent a letter to finance Minister AMA Muhith last week seeking exemption of all types of taxes of the bank for four years from 2012 to 2015. As per rules, Grameen Bank will have to pay 42.5 per cent corporate tax on its yearly profit.

GB earned Tk 8.4 billion in 2011, while the income was 7.6 billion in 2010.

The Daily Sun/Bangladesh/ 26th Feb 2012

Bangladesh Bank Governor Dr Atiur Rahman addresses a function at Bangladesh Institute of Bank Management (BIBM) Bhaban at Mirpur in the city yesterday.

Bangladesh Bank Governor Dr. Atiur Rahman said the banking sector of the country is passing a challenging time.

He said the government should be very much cooperative for overcoming the present situation as well as ensuring overall development of the sector.

Dr Atiur said this while addressing a function organised by the Bangladesh Institute of Bank Management (BIBM) to mark the BIBM day at BIBM Bhaban, Mirpur in the city.

Mentioning that Bank Company Act will be placed in the parliament, Dr. Atiur said monitoring over the banking sector has been increased and the banks will enjoy the benefits soon.

Governor said that the bankers should have knowledge on how other countries are facing the global economic recession.

BIBM Chairman Towfiq Ahamed Chowdhury presided over the function while former Deputy Governor (DG) of Bangladesh Bank (BB) Khorshed Alam, President of the Association of Bankers, Bangladesh (ABB), Nurul Amin and Managing Director of Bangladesh Commerce Bank, SA Chowdhury also spoke on the occasion.

Addressing the function former DG Khorshed Alam said the banking sector has been facing a catastrophe at present. Abu Hena Mohammad Razee Hasan said operating the banking sector has become much challenging.

During the function, four newly appointed DGs of Bangladesh Bank were accorded reception while just departed DGs were given farewell.

The Daily Sun/Bangladesh/ 26th Feb 2012