The Bangladesh Bank (BB), country’s central bank, launched an automated clearing house at its Rajshahi office to ensure faster settlement of transactions and payment systems.

BB’s Deputy Governor Ziaul Hasan formally inaugurated the system at function in Rajshahi city on Thursday.

General manager of BB Rajshahi Office Zinnatul Bakiya chaired the function. Executive director of the BB Dasgupta Asim Qumar and managing director of Rajshahi Krishi Unnayan Bank Pradip Kumar Dutta spoke at the ceremony as special guests.

In his speech, the deputy governor said the new system will enable the banks to exchange cheques automatically on the online. Physical cheques will not be needed to send to the clearinghouse at BB, he added.

Under the new system, payments will be settled using automated cheque clearing system and electronic fund transfer among all the public and private commercial banks in the region.

BSS adds: Addressing the opening ceremony, BB Deputy Governor Ziaul Hassan Siddiqui, said the banks branches are required to make arrangements and develop infrastructure to meet the requirements of the new system.

“We’re working to help the commercial banks adapt to the new system so that they can able to avail the total benefits of the modern system,” he added.

He also said the central bank has already asked the commercial banks to procure necessary software and hardware for establishing link between the bank concerned and the central bank.

Siddiqui said that the advent of the BACH moves the region to the forefront of modern payment processing and puts the country amongst the world’s leaders in the use of such solutions.

“We moved one step ahead of many other countries by introducing this modern technology-based payment and transaction system,” he added.

A large number of executives and senior officers of BB and different other scheduled banks were present at the ceremony.

News: Daily Sun/Bangladesh/ Apr-08-2011

National Credit and Commerce (NCC) Bank Limited has launched a disaster recovery (DR) centre at Uttara in the city yesterday.

Md Harunur Rashid, vice chairman of the bank formally inaugurated the centre as the chief guest at a function, aid a press release.

Mohammed Nurul Amin, managing director and CEO of the bank chaired the function.

NCC directors Nurul Islam, Tofazzal Hossain, Din M Rana, KZ Mahmud, Khairul Alam Chaklader and Md Humayun Kabir attended the function as special guests.

Addressing the function the vice chairman hopped that the centre would play a significant role in promotion of trust among the customers of the bank.

The bank will be providing increased quality services with efficiency and reliability to the customers, he added.

Managing director and CEO Mohammed Nurul Amin said the world is moving toward green banking where dynamism, high rate of productivity, improved operational efficiency, enhanced shareholder value and regulator’s compliance are inevitable.

Providing quality services would not be possible without a strong IT infrastructure, he added.

The centre will ensure backup of its entire daily banking operational activities, he said.

News: Daily Sun/Bangladesh/ Apr-08-2011

Bangladesh entered into the ear of mobile-banking yesterday when Dutch-Bangla Bank Ltd (DBBL) introduced the service for the first time in the country with the support of mobile phone operators Banglalink and Citycell.

The aim of the service is to bring more people under the umbrella of banking service. Bangladesh Bank governor Dr Atiur Rahman inaugurated the service through deposit and withdrawal of money from two banking outlets in Nayapaltan and Puranapaltan areas in the city.

Mobile banking is a banking process that offers financial services like cash deposit, cash withdrawal, merchant payment, utility payment, salary disbursement, remittance inflow and outflow and government allowance disbursement through mobile gadgets.

Initially the government has given its approval to 10 banks to operate mobile-banking. DBBL is the first bank to grasp the opportunity. Under the service, any mobile handset with subscription to any of the two partner cellular companies would be able to avail the service.

On a Meet the Press programme organised at a hotel in Dhaka after the kick start of the service, the central bank governor termed occasion as a milestone for the country’s banking sector. He said it would be a creative, cost-effective and secured banking service.

“We have initiated a five-year strategy for banking sector development. Financial inclusion is one of the top of the agenda behind the move as mobile-banking is a part of financial inclusion”, Atiur said.

He said present banking system is mostly urban-based, so introduction of the service will help bring rural people into banking service net as they have easy access to mobile.

He also informed that the country’s economy is now on a strong footing and poised to achieve more than 7 per cent growth in GDP in next fiscal year.

Chief Executive Officer of Banglalink Ahmed Abou Doma said partnership is the most significant step in banking and financial sectors. “This project is such a major step that Banglalink is proud to be its partner.”

Citycell Chief Operating Officer David Lee said this is a great step in transforming traditional banking into modern banking. “I’m sure it will benefit the people of Bangladesh.”

Syem Ahmed, executive chairman of DBBL, said they believed in partnership and hoped that the project in collaboration with Banglalink and CityCell be able to draw attention of people.

Bangladesh Bank Executive Director Dasgupta Asim Kumar, DBBL Managing Director KS Tabrez, DBBL Deputy Managing Director Abul Kashem and BTRC Commissioner Monirul Alam also addressed the function.

News: Daily Sun/Bangladesh/ Apr-01-2011

Internet Banking is growing popular day by day in Bangladesh. A number of private as well as local banks are going online now considering the demand and necessity of fast banking. Internet banking not only provides banking facility round the clock but also helps a country to get attached to the international economy as well as business. People throughout the world are now getting engaged with more activity and business and hence need the fast and anytime access to his/her bank account. Internet banking also facilitates buying and selling various products which varies country to country.

In Bangladesh many banks have launched Internet Banking. Amongst those HSBC, City Bank, BRAC Bank, Bank Asia, Jamuna Bank, Janata Bank, Southeast Bank, AB Bank, First Security Bank, Mercantile Bank, Premier Bank etc are in action already. Some are known as online banking, some are Internet Banking, providing various facilities. Like City Bank has the facility of account check and statement print including query about cheque book information. Bank Asia has almost same facilities but with addition they have internal fund transfer facility along with bill payment and mobile phone recharge which are, in fact quite handy.

Mercantile bank has a schedule for internet banking. It is Sunday to Thursday, 9am-3pm. They have the facility of money transaction, deposit and withdrawal though they charge a particular amount for each transaction according to their policy, it is a relief if you don’t have to go to bank for depositing and drawing money, isn’t it?

HSBC and BRAC Bank are clearly not satisfied with the transaction thing only in internet banking. They thought of something more and desiring and customized the service to its best for their clients and getting better day by day. HSBC has a whole lot of features in their online banking that includes 24/7 account access, loan account information, net- worth information, transaction amongst accounts, bill pay, personal information update, demand draft,  ATM info or PIN replacement request, chequebook order and lot more.

BRAC bank is one step ahead because for the first time they have introduced online shopping in Bangladesh. With exclusive features and facility BRAC bank also provides general online facility like the other banks. BRAC bank’s online shopping facilitates merchants to buy any product as they need online, they can customize the offers as well. Those who may have BRAC Bank VISA card or any VISA card can be a part of this online shopping service.

As the world economy is growing faster and banking sector is making mark each and every day, online banking is very important and effective to be a part of it. Bangladesh just started its journey in internet banking and banks are coming forward to make it a success. Online banking is clearly a huge benefit for the customers and saves a lot of time and things get done so easily. A developing country like Bangladesh can make the best out of Internet Banking and banks are completely into it.

City Bank American Express recently signed a Flexi Buy agreement with Otobi. Under this agreement, City Bank American Express Card members will be able to enjoy buying Otobi furniture at 0% interest with 3 to 12 months installment plan, said a press release. Mashrur Arefin, deputy managing director (operations) and chief communications officer of City Bank and Md Shamsuddoha Shemul, general manager (CRM-retail), signed the agreement on behalf of their respective organisations at City Bank Centre.

Md Mahmuh Hossain, general manager (CRM – corporate), and Md Khijir Haayat Khan, deputy general manager of Otobi and Majharul Islam, acting head of cards of City Bank were present.

News: Daily Sun/Bangladesh/05 Mar 2011