Somya Kanti Mukkhopadhyay, CFO of Airtel, and Md Kamruzzaman, Head of Personal Banking Division of DBBL, exchange documents after signing an agreement Sunday. Rubaba Dowla, Chief Service Officer of Airtel, and KS Tabrez, Managing Director of DBBL are also seen.

Dutch-Bangla Bank Limited (DBBL) signed an agreement with Airtel on payment of Airtel mobile bills using DBBL ATMs, Internet Banking and e-payment Gateway.

Somya Kanti Mukk-hopadhyay, Chief Financial Officer of Airtel and Md Kamruzzaman, Head of Personal Banking Division of DBBL, signed the agreement Sunday on behalf of their respective organi-sations, said a press release.

Rubaba Dowla, Chief Service officer, Nilutpola Sharma, Head of Service Experience, Md Nazmul Hasan, Head of Treasury of Airtel, K S Tabrez, Managing Director, Abul Kashem Md Shirin, Deputy Managing Director of DBBL and Senior Executives of both the organisations were also present.

The Daily Sun/Bangladesh/ 2nd July 2012

The following is the speech that Bangladesh Bank Governor Dr. Atiur Rahman delivered at “Redefining Central Banking: Financial Stability, Early Intervention and Crisis Preparedness” in Ontario, Canada on June 27:

Financial sector supervision for upholding financial stability has been a longstanding traditional central banking responsibility, although in the later decades of twentieth century this got shifted to separate authorities in some countries.

The global financial crisis of 2008 brought back into focus the interrelated nature of monetary and financial stability and the need for closely coordinated supervision of both.

Wherever this separation took place, the central banks have got themselves reengaged in financial stability issues after the global crisis. I see this more as a return back to, rather than as redefinition of traditional central banking.

Bangladesh did not go for separation of monetary and financial sector supervision authority, both rests with Bangladesh Bank (BB), the country’s central bank. Our financial sector with its limited, regulated external exposure was virtually unaffected by the global financial crisis, remaining solvent, liquid, and free of contagion from toxic assets.

Safeguarding of financial stability remains nevertheless at forefront of BB’s priorities.

Alongside supporting ongoing market development, we are continually upgrading our financial sector regulatory and supervisory structure, practices and capacities in line with evolving local context and international best practices.

Basel II capital regime implementation has strengthened risk focus in financial sector management and supervision; work towards phasing in of the Basel III modifications is in progress. Basel III liquidity coverage requirements are soon to be introduced, following completion of preparatory exercises.

Stress testing routines have been introduced as mandatory practice in banks, to identify and address vulnerabilities.

BB’s prudential regulations and onsite examination/offsite supervision procedures and practices are also now risk focused, in line with international best practices recommended by Basel Committee (BCBS).

Supervisory CAMELS rating exercises and Early warning systems at BB maintain vigilance on risk management, corporate governance and internal control processes and practices in the financial sector.

A problem bank unit at BB’s Offsite Supervision Department oversees restoration of weak banks to health. BB’s supervisory departments are increasingly focusing on consolidated supervision of banks/financial institutions and their subsidiaries, as also on closer contact and information exchange between host country and home country supervisors for effective supervision of banks with branches/subsidiaries across borders.

A new Financial Stability Department has been created in BB for focused oversight of systemic stability related issues, taking over from the offsite supervision department tasks like conducting of stress tests and forward looking assessments of banks.

Creation of contingency planning and crisis management structures are also underway. Efficacy of BB’s financial sector supervision is evidenced by relative rarity of bank/finance company failure episodes, four in as many decades since independence.

In all these cases BB restructured the failing institutions into viable ones without involving any fund of its own and without causing loss for depositors and other creditors. Nonetheless, BB is not complacent and is fully aware of gaps and weaknesses in capacity of coping with existing and upcoming challenges, including impacts of fiscal and other macroeconomic imbalances of domestic and external origin.

The Daily Sun/Bangladesh/ 2nd July 2012

Gitanka Datta, Head of Cards, Standard Chartered Bank and Faisal Saeed, Head of Revenue and Segment, Citycell, exchange documents after signing a MoU on behalf of their respective organisations in Dhaka.

Standard Chartered Bank signed a Memorandum of Understanding (MoU) with Citycell (Pacific Bangladesh Telecom Limited) in Dhaka.

Gitanka Datta, Head of Cards, Standard Chartered Bank and Faisal Saeed, Head of Revenue and Segment, Citycell, singed the MoU on behalf of their respective organisations, said a press release Thursday.

Under the MoU, Standard Chartered credit cardholders will enjoy zero percent InstaBuys facilities and can able to buy ZOOM Ultra My-Fi pocket router and other selected Citycell products with attractive offers through zero percent Instabuys from any Citycell Customer Care Centre.

The Daily Sun/Bangladesh/ 1st July 2012

 WASHINGTON: The International Monetary Fund on Friday welcomed decisions by European leaders to deepen financial sector integration in the euro zone, saying it they would “help break the feedback loop between banks and sovereigns.”

“These are the right steps toward completing monetary union which will also benefit from further action for deeper fiscal integration,” an IMF spokeswoman said in a statement.

The Daily Sun/Bangladesh/ 1st July 2012

WASHINGTON: The World Bank announced yesterday that it committed 52.6 billion US dollars to help promote economic growth, overcome poverty, and bolster economic enterprise in developing countries during fiscal year 2012, which ends on June 30.

“As developing countries face strong economic headwinds, the Bank Group supported an estimated 884 operations to promote opportunity and get needed services to the poor,” the Bank said in a statement.

The Washington-based global institution recently lowered its growth forecast for 2012 to 5.4 percent for developing countries, and noted that developing country budgets and central banks are not as well placed as they were in 2008 and 2009 to address slowing economies.

The Daily Sun/Bangladesh/ 1st July 2012