BRAC Bank Monday launched Internet Banking service that can be custom tailored for its corporate clients to enable them to effect wide array of transactions just by a click over Internet that will speed up business operations.

This is the first such service among private local banks in Bangladesh for corporate entities that facilitates payment services through fund transfer, bulk payment including salary disbursement, standing instruction set up within BRAC Bank network. BRAC Bank has plans to expand the service so that companies can send L/C requests. Once Bangladesh Electronic Fund Transfer Network (BEFTN) integration is up this payment services will be expanded for domestic transfers within banking group network.

With BRAC Bank Internet Banking, companies can set up automatic bill payments, initiate future dated transactions apart from getting account statement, transaction history and viewing pending and rejected transactions. In coming days, the companies will also view summary of outstanding L/Cs and Bills with amounts in preferred currency.

BRAC Bank Internet Banking is fully safe and secure as globally used technology of two factor authentication - OTP (One Time Password) is deployed that generates random passwords for each transaction.

Ms Nazneen Sultana, Deputy Governor, Bangladesh Bank, formally launched the service at a program at a city hotel in the city Monday. Mr Syed Mahbubur Rahman, Managing Director & CEO; Mr Mahmoodun Nabi Chowdhury, Head of Corporate Banking; and senior officials of BRAC Bank Limited attended the programme.

Mrs. Nazneen Sultana, Deputy Governor, Bangladesh Bank, lauded BRAC Bank for initiating the IT-enabled service for business entities for smooth and speedy business transactions.

Mr. Syed Mahbubur Rahman, Managing Director & CEO; BRAC Bank, said, "Corporate houses can now bank with us at anytime from any place. They do not need to wait for Sunday morning for cheque encashment to party. They can do it even on weekend's right from a computer at any place. It will definitely bring new dynamism to their business operations and productivity."

"As a tech-savvy bank, BRAC Bank always comes forward with new technology for smart and smooth services to the clients. This pioneering service shows our strong commitment to introduce modern banking services to cater to modern day needs of business entities," he continued.

News: The Daily Financial Express/Bangladesh/18-Sep-12

Mutual Trust Bank Limited (MTB) recently opened a MTB Smart Banking (Kiosk) at Banasree, Rampura in Dhaka.

Md Nurul Kabir, General Secretary, Banasree Kallyan Samity inaugurated MTB's 2nd kiosk, as the chief guest, said a press release Sunday.

Quamrul Islam Chowdhury, Deputy Managing Director of MTB, local elite, leaders of the local business associations and people from different strata and other MTB senior officials also attended.

MTB Smart Banking Kiosk offers 24/7 ATMs, cash and cheque deposit machine along with bills payment facility, internet banking access and extended hour customer services from 9 am to 9 pm everyday, excluding government holidays.

The Daily Sun/Bangladesh/ 16th July 2012

Sanjeeb Chaudhuri, Regional Head, South Asia and CMO, Consumer Banking of Standard Chartered Bank, Sandeep Bose, Head of Consumer Banking, Bangladesh, Nepal and Sri Lanka, seen at inauguration of Kiosk at Bashundhara residential area Wednesday.

Standard Chartered Bank Bangladesh has strengthened its footprint in Dhaka with the opening of a Financial Kiosk at Bashundhara residential area.

With this new Financial Kiosk with the brand promise ‘Here For Good’, the number of Financial Kiosks has increased to 17.

The customers dwelling in the area can now withdraw and deposit cash, pay bills, request for chequebooks, transfer fund and many more 24 hours a day, 7 days a week.

It will also provide Customer Service from 9am to 8pm from Sunday to Thursday and from 10am to 6pm on Friday and Saturday with a prayer break on Friday from 1pm to 3pm, said a press release.

The Daily Sun/Bangladesh/ 14th June 2012

Prime Minister Sheikh Hasina launches an online tax payment system at a programme at Bangabandhu International Conference Centre in Dhaka yesterday.

Anybody with a debit or credit card and internet access can pay tax from home, instead of queuing for hours at a bank.

The National Board of Revenue (NBR) yesterday introduced an online tax payment system at a function at Bangabandhu International Conference Centre in Dhaka.

Prime Minister Sheikh Hasina first paid her advance income tax online for 2012-13.

For the next one week, people will be able to pay tax only through Sonali Bank. Another 25 banks will join the system in 15 days or one month, said Kanan Kumar Roy, coordinator of the e-payment system and director general of the Directorate of Inspection (Taxes) of the NBR.

“More banks will join the system later,” he said.

NBR's e-payment website, www.nbrepayment.org, is easy to use, secure and completely free of charge. Only registered users can make e-payments and get the full functionality of the site.

There will be separate sections for income tax, VAT and customs duty in the profile form of each taxpayer.

The website will ask for card number and password once a user enters his account. Then the income tax will be automatically deducted from the card and the user will be able to see the amount deducted on the screen.

The system is also integrated with Sonali Bank (the settlement bank), QCash (e-payment processor), customs database and integrated budgeting and accounting system of the Controller General of Accounts Office.

The NBR introduced an online return submission system last year on a trial basis in two zones and the tax administrator aims to enable all taxpayers to submit returns online by 2013.

The Daily Star/ Bangladesh/ 27-May-2012

The board of directors of Brac Bank has recommended rights share for the existing shareholders to raise its paid up capital.

The company will offer rights share at a ratio 1:2 - one rights share for every two shares held - at an issue price of Tk. 25 each including a premium of Tk. 15 per share on paid up capital subject to the approval of EGM and regulatory authorities.

The bank will offer rights share to increase paid up capital to meet Bangladesh Bank Basel II requirements. As per the BB order a bank must have Tk 400 core as paid up capital. Existing paid up capital of Brac Bank is Tk 385.5 core.

The company has fixed record date for EGM on May 29, 2012, while the EGM will be held on June 28.

Another record date for entitlement of the proposed rights share will be notified later after obtaining approval from SEC. Venue of the EGM to be notified later.

News: The Daily Sun/ Bangladesh/ 21-May-2012