The Ministry of Finance has recently appointed Md. Khurshid Alam and Dr Habibur Rahman as deputy governors of the of the central bank of Bangladesh. They have been appointed on a contract basis against two vacant posts. The Financial Institutions Division issued two notification  in this regard on Wednesday (Feb 28). Md Khurshid Alam is currently working as the executive director (Grade-1) of Bangladesh Bank. On the the other hand Dr Habibur Rahman is the chief economist of Bangladesh Bank.  Now both of them have to take retirement from regular service and join the contractual post of deputy governor.

Seven individuals and organizations have been awarded the 'RTV Bima Awards-2022' for their significant contributions to the country's insurance sector.  On Wednesday, March 15 in the evening, the award ceremony took place at the capital's Le Méridien Hotel, Dhaka through a dazzling event.  On Saturday, March 18, the programme will telecast on RTV.  Those who got the 'RTV Bima Awards-2022' are: National Life Insurance Company Limited, Pragati Life Insurance Company Limited, Green Delta Insurance Company Limited, Provati Insurance Company Limited, and NDD Suraksha Trust.  Nizam Uddin Ahmed, the chairman of Karnaphuli Life Insurance and Meghna Life Insurance Company Limited got the award.  At the same time, Dwipbandhu Mustafizur Rahman, entrepreneur and  the founder of Rupali Life Insurance Company Limited, was awarded posthumously. Morshed Alam MP, the Chairman of RTV, said, "The spread of insurance coverage and the number of policyholders in this country of 170 million people is very low. For the past 8-9 years, I have been involved with the insurance sector, and I am the Chairman of National Life Insurance Company. I have tried to promote the insurance industry and earn a good reputation for it.  Because I have seen that there is a lot of hesitation and uncertainty among people about insurance.  Insurance covers people's risks.  So, people need to be encouraged to insure themselves, and they need to be informed about the benefits of insurance.  Prime Minister Sheikh Hasina, the daughter of Bangabandhu, has placed great importance on the insurance sector.  In addition, due to Insurance Day celebrations, our publicity and reputation have increased. We need to further advance the insurance industry. I believe that those who are involved in this industry will increase people's confidence and expand the insurance industry if they keep their promises properly. State minister for planning Dr Shamsul Alam said, "The success of the country's businesspeople during this crisis has propelled our economy forward.  As a result, the growth of our economy did not go negative.  Despite the Ukraine war, we expect our growth to remain above 7 percent. The business sector of our country has expanded a lot.  Here our insurance companies have a big role to play. In the country, total 81 private sector insurance companies are operating their activity. We need to modernize and digitize our insurance sector." "At the same time, skills of those related to this sector should be increased. If there are any flaws in the policy framework, then I will fix that while formulating the plan later," he said. He said, "Under the leadership of Prime Minister Sheikh Hasina, the country has progressed remarkably. We must utilize her visionary and exceptional leadership." The Chairman of Bangladesh Securities and Exchange Commission Professor Shibli Rubayat Ul Islam, Chairman of Insurance Development and Regulatory Authority Mohammad Jainul Bari, President of Bangladesh Insurance Association Sheikh Kabir Hossain, and the Managing Director of RTV Humayun Kabir Bablu were also present at that programme. The programme "RTV Bima Awards-2022" sponsored by National Life Insurance Company Limited.

On Tuesday, December 27, Bangladesh Bank decided to dismiss the board of directors of the Uttara Finance and Investments over major financial irregularities involving Tk 5,100 crore it had unearthed two years ago.  The Bangladesh Bank officials who are working on the issue commented the central bank has already completed all official procedures to dissolve the board in order to protect the interests of depositors. Within a day or two, Bangladesh Bank will send a letter to implement the decision, they said. Last month the central bank sent a letter to the Bangladesh Securities and Exchange Commission (BSEC) requesting it to provide a list of independent directors such that it could appoint them to replace directors in the non-bank financial institution (NBFI). An official related to Bangladesh Bank said the Bangladesh Securities and Exchange Commission has a panel of independent directors and it had earlier designated some of them in boards of directors of NBFIs which it had dissolved. In addition, the Uttara Finance and Investments is a listed company, which is why the central bank sought suggestions and a list of independent directors for the NBFI. The official said the BSEC has already provided the names to the central bank. On June 23, Central bank removed SM Shamsul Arefin, the managing director of the Uttara Finance and Investments, for his alleged involvement in the financial irregularities. What Happened in Uttara Finance and Investments? The BB carried out a probe in 2020 where it found that irregularities involving Tk 5,100 crore were committed by the board and management of the NBFI. The irregularities were perpetrated during the disbursement of loans and mobilisation of deposits. The bulk of the loans was given to different concerns of the Uttara Group of Industries. The majority of directors of the group also hold directorship at the NBFI. Most of the amount was not even shown in the NBFI's financial statement made public in 2019. For instance, it provided Tk 336 crore in loans to Uttara Motors and other concerns of the Uttara Group of Industries without any credit proposals, breaching banking rules. The BB found that Mujibur Rahman, a director of the NBFI and deputy managing director of different concerns of the group, was the key person behind the financial scams. In August 2020, the lender provided vouchers of term-deposit receipts (TDRs) of Tk 236 crore to Bluechip Securities, the managing director of which is Mujibur. But the vouchers of the TDRs were forged. In reality, the firm did not deposit any money with the NBFI, said the BB report. The NBFI also concealed the actual amount of term deposits mobilised from clients. Its financial statement mentioned that the total amount of term deposits was Tk 1,877 crore as of December 2019. But the BB discovered that the actual amount was Tk 2,603.20 crore. The undisclosed funds of the term deposits to the tune of Tk 726 crore was diverted to other sectors as a part of its effort to help scamsters plunder the money, said the BB probe report. The lender also employed the same tactic in the calculation of the loans disbursed in its financial statement. For instance, the total amount of loans provided by the NBFI was Tk 1,877 crore till December 2019 as per its balance sheet. But the BB found that the actual amount was Tk 3,802 crore. Contacted by The Daily Star yesterday, Matiur Rahman, vice chairman of the NBFI, said the board has not received any directive yet from the central bank about disbanding. "Some officials, including former managing director SM Shamsul Arefin, were involved in siphoning off funds from the non-bank," he said. "The NBFI will file a case against the alleged persons soon," he said. No other board member was involved in any irregularities in the NBFI, he added.  Source: The Daily Star

To prevent coronavirus transmission in the country the timing for banking transactions was fixed from 10 am to 2:30 pm. As the corona situation has improved a little, so the transaction period has been extended till 3 pm. The direction was issued by the central bank on Sunday. The new banking transaction timing across the country will be effective from tomorrow (Monday). As the government has extended the tenure of restrictions till June 6, so the timing (10 am to 3 pm) will be effective till then. All the banks will be open till 4:30 pm for its internal activities. The directions will be unchanged as per the DOS circular letter number 15 issued on April 13 by Bangladesh Bank. One branch of each bank will remain open on Thursday, Sunday and Tuesday at the upazila level. In the city corporation areas one branch of every certain bank within two kilometers area will remain open on every workdays. AH

Lockdown for the second consecutive day is going on. All banks to remain open from today (April 15). Banking transaction will continue from 10 am to 1 pm. And to complete other activities banks will be open till 2:30 pm. The decision was delivered by Bangladesh Bank after holding emergency meeting on Tuesday. So in the lockdown period banks will remain open in a limited scale except the government holidays. The Bangladesh Bank direction said, branches of the banks will remain open with one day interval after one day. Upazila level branches will run in this way. Sadar branch in the districts will remain open. The foreign trading branches will remain open in a regular basis. Mentionable, to prevent coronavirus transmission the government has imposed strict restrictions for eight days starting from April 14. At that time it was decided that financial institutions will remain closed. On April 12 in a notification Bangladesh Bank also ordered to close the banks for one week. It also informed that the banks based on the ports of the country will remain open in the lockdown period. Later in another order the Bangladesh Bank announced that banks will remain open. AH

All banks of the country will remain closed in the complete lockdown starting from April 14 to April 21 to prevent further transmission of coronavirus. In this period all the branches of banks along with financial service providing sub-branches, booth banking, agent banking services will remain stop. But ATM, internet banking and other online services will remain operational. Bangladesh Bank informed about the decisions today. But in this period branches of the banks situated at sea, land and air port areas can be made open to perform export-import activities. As well as branches which make transaction in foreign exchange for the exporters can be made open for particular day. But Bangladesh Bank will not give direction for keeping branches open. In this regard Sirajul Islam, spokesperson for Bangladesh Bank said, all branches will remain closed. Branches can be kept open according to the demand for export and import activities. In this regard health guidelines have to be maintained strictly. AH     

Change has been brought for the limited banking time by Bangladesh Bank to prevent coronavirus transmission in the country. Bangladesh Bank in a notification published on Sunday said that banking hour will continue four days a week from 10 am to 12:30 pm. It said that on Monday and Tuesday banking transaction will continue till 1 pm starting from 10 am. The banks will remain open till 3 pm for post transaction activities. The central bank has taken the decision on the pretext of different restrictions taken by the government to prevent coronavirus transmission. Besides, other previous decisions will be effective. In the earlier notification it was said that branches can be run by 50 per cent staffs and all types of transaction will remain operational. The central bank said that deposit and withdrawal facilities are operational, banks can open one branch in two square kilometers area if there are more branches. But the branch where foreign exchange is transacted will be out of this purpose. It said, evening banking and banking during weekly holiday will remain shut. Besides, certain banks will take decision about their agent banking activities. In this period directions were given to keep online banking activities operational round the clock and for keeping adequate cash in the ATM booths. AH