MA Halim Chowdhury has recently been appointed additional managing director of Pubali Bank on contract basis, the bank said in a statement yesterday.

Prior to this appointment, Chowdhury was the deputy managing director of the bank. He joined the bank in 1988 as principal officer.

A science postgraduate from Chittagong University, he was promoted as general manager of the bank in 2006.

News: The Daily Star/ Bangladesh/ July-02-2011

National Credit and Commerce (NCC) Bank Ltd opened two ATM booths in the city’s Pragati Sarani area and Narayangonj town on Wednesday to provide enhanced banking services to its customers.

At the ATM booths, the bank’s customers will get various banking services including 24-hour cash withdrawal, balance inquiry, utility bill payment, mini statement and pin change facilities from the booths with free of charge, said a press release.

Md Nurun Newaz, chairman of the bank, formally inaugurated the booths as chief guest.

The bank’s Managing Director and CEO Mohammed Nurul Amin, Deputy Managing Director TM Faruque Chowdhury, Executive Vice President Md Omar Faruque Bhuiyan, Senior Vice President Fakhrul Islam Chowdhury, among others, were present on the occasion.

News: Daily Sun/ Bangladesh/ July-02-2011

Bangladesh Bank has directed public banks to immediately open accounts for people enjoying benefits under social security programmes run by the social welfare directorate.

In a directive yesterday, the central bank said people enjoying such benefits, including the elderly persons' pension and allowances for insolvent disabled and widows, can open bank accounts in their names by depositing Tk 10 against their national identity cards and pension payment orders.

Such bank accounts are aimed at making the distribution of allowance easier and hassle-free and ensuring transparency, the central bank said.

There will be no obligation for maintaining a minimum balance in these accounts, and no charge or fees could be charged, according to the central bank.

In cases where cheque books are inadequate, the transactions into these accounts can be done through voucher instead of cheque books.

News: The Daily star/ Bangladesh/ Jun-20-2011

Exporters for single digit bank rates, source tax cutHigh rates is a major impediment to investment in the country: Murshedy→ staff correspondent
  Exporters Association of Bangladesh (EAB) president Abdus Salam Murshedy yesterday urged the government to bring down bank interest rate to single digit and reduce income tax at source on exportable goods at 0.25 per cent instead of proposed 1.5 per cent.

Providing 16-18 per cent interest for borrowing money from banking system is now a major impediment to investment in the country. Moreover, proposed increase in income tax by 2.75 times at source on exportable will fuel this impediment,” he said at a post-budget press conference at a city hotel.

Murshedy said the tax at source should be fixed at 0.25 percent considering the weak infrastructure and current international market so that the export sector can survive in the global competitive market.

He demanded the government for reducing furnace oil and diesel prices and re-fixing those at Tk 26 and Tk 30 per litre respectively as the electricity crisis still exists in the country.

The former BGMEA president Murshedy urged the government to give tax free import facility for capital machinery, dying, chemical and other raw materials for textile and apparel sector.

He also called upon the government to allocate money for establishing a packaging institute terming it is very important for increasing the country’s export volume.

He proposed withdrawal of VAT (value added tax) on place and installations of export-oriented units, which is now 15 percent.

On tax holiday facilities, he said the tax holiday facilities should be given for next five years instead of two years for rapid industrialisation and creating new entrepreneurs.

Murshedy called upon the government to take budgetary measures for the workers of readymade garments factories and introducing rationing system for them.

“Over a crore workers are engaged in the sector. We urge the government to bring the workers under the rationing system so that they can get rice, pulse, ata, sugar and edible oil at affordable price,” he said.

Murshedy sought cash incentives for the exporters to encourage them in contributing more to the national economy.

NRB (Non Resident Bangladeshi) president Shekil Ahmed demanded for the provision of investing undisclosed money in the capital market for the betterment of the country’s economy.

“It is very difficult to raise investment by keeping 48 to 50 per cent money, termed undisclosed, out of the economy. So, the government should allow the money in some important sectors including share market,” he said.

Bangladesh Gray and Finished Fabrics Mills and Exporters Association president M Harun Ur Rashid, Silk Manufacturers and Exporters Association of Bangladesh president Alauddin Ahmed and representatives of other export organisations were present.

News: Daily sun/ Bangladesh/ Jun-20-2011

Bangladesh Bank has introduced the full-pledged treasury functions at its Barisal branch on Sunday, 20 years after opening the branch.

Bangladesh Bank Governor Dr. Atiur Rahman, through a tele-conference, inaugurated the treasury functions during a special ceremony held at the local branch in the morning.

The BB Governor in his inaugural speech said Bangladesh Bank has already started electronic fund transfer system and opened help desks at BB branches and introduced mobile banking system which would soon cover all branches and regions having access to cell phone connectivity.

Treasurers today have to contend with entities that operate in a myriad of geographies, currencies, banks and accounts. Through starting treasury activities, the BB Barisal branch has been dignified as a full-pledged branch of the central bank, the BB Governor said.

Golam Mustafa, general manager of BB Barisal branch, presided over the function while Sudhir Chandra Das, BB executive director, formally opened the treasury section by cutting a ribbon on behalf of the BB Governor.

Mustafa Kamal, divisional controller general of accounts, Md Osman Gani, joint director (accounts and and budget) of BB, Sahadat Ali, deputy general manager of Sonali Bank, and other high officials and local bankers attended the function.

Speakers at the function said historically, treasury functions were expected to monitor cash positions and corporate spending.

Monitor liquidity positions for both long and short term financing, dictates credit ratings, outside credit lines and debt issue, mitigate risks by deploying all the checks and balances also be done by treasury branch by developing modern technology based speedy banking, they mentioned.

News: Daily sun/ Bangladesh/ Jun-20-2011