AKM Zamir Uddin

The Bangladesh Bank has instructed chartered accounting firms to immediately inform it about any major financial anomalies they unearth while carrying out audits into non-bank financial institutions (NBFIs).

Global payments messaging network SWIFT has asked Bangladesh’s banks to suspend transactions with seven Russian lenders since they are facing sanctions from the United States and the European Union over Moscow’s invasion of Ukraine.

Default loans in the banking sector surged 16.38 per cent year-on-year to Tk 103,274 crore in 2021, rendering the relaxed loan classification policy unveiled by the Bangladesh Bank largely ineffective.

With oil prices hitting above $100 in the wake of Russia’s invasion of Ukraine, local businesses yesterday feared that the war would have a ripple effect on their domestic and international operations as both countries are major suppliers of agricultural commodities.

The government has taken an initiative to roll out bancassurance for the first time in the country with a view to bringing ordinary citizens under insurance coverage through banks.

A group of investors linked with mobile financial service operator Nagad Ltd have turned desperate to obtain a multipurpose licence that does not exist in Bangladesh.

The presence of vibrant corporate governance and adoption of technology-driven means have helped Pubali Bank go from strength to strength in widening its banking operations.

Seven non-bank financial institutions (NBFIs) are now finding it difficult to recover Tk 2,050 crore they had lent to their subsidiaries and associates in breach of rules.

Bangladesh Bank yesterday ordered non-bank financial institutions (NBFIs) not to disburse loans using cheques of current accounts they have to maintain with the central bank.

The transition from manual banking to its digital means is certainly not a new phenomenon for Bangladesh’s banking sector. But the advent of the coronavirus pandemic has had clients from all walks of life honing in on internet banking to cut the chances of contracting the deadly flu.

With Bashundhara Group seeking to borrow from state banks to establish a gold refining plant at Tk 5,790 crore, Bangladesh Bank yesterday asked five public sector banks to include more private lenders in the syndicated finance scheme to mitigate credit risks.

Twenty-five banks are suffering from a collective default loan of Tk 974.4 crore after several non-bank financial institutions (NBFIs) failed to pay back funds despite maturity, in another sign of feeble state in the financial industry.

The Association of Bankers, Bangladesh (ABB) thinks that the latest pay fixed by the central bank for entry-level officials will also bring intangible benefits for banks.

Bangladesh Bank’s efforts to rein in runaway imports through the depreciation of the taka have hardly brought any impacts as the demand for US dollars has kept soaring to feed the economy rebounding from the coronavirus pandemic. 

The Bangladesh Bank should raise the private sector credit target and review other major goals by conducting the mid-term review of the monetary policy statement for 2021-22, said analysts.

National Bank Limited has apologised to Bangladesh Bank for extending unprecedented amounts of credit card loans to its directors and their relatives violating the rules.

Private sector credit growth in Bangladesh accelerated to 10.68 per cent in December rising for the seventh consecutive month as the economy rebounds from the coronavirus pandemic.

A staggering 7,167 bankers lost jobs between April 2020 and September last year as private commercial banks desperately tried to cut operational costs amid a business slowdown brought on by the coronavirus pandemic.

The Bangladesh Bank plans to bar banks from providing financial services through social media platforms as it poses data security risk, a move that may nip the initiative aimed at popularising digital banking in the bud.

Efficiently completing all tasks does not guarantee appreciation from managements as attaining deposit targets is solely prioritised by private banks, which is the case for at least one mid-level official.