Bangladesh Bank (BB) has cancelled the mobile banking service license of Prime Bank after finding massive irregularities and mismanagement in running the service, official sources said.The Payment System Department (PSD) of BB on Wednesday issued an order in this regard asking the authorities of the bank to immediately stop the service.Prime Bank Ltd (PBL), one of the country’s leading private commercial banks, was offering various financial services to its clients under the name of ‘Easy Cash’ through its authorized outlets...
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Borrowing from foreign sources by private firms, corporate houses and big companies have increased manifold in the recent times, posing a threat to the business of local commercial banks, sources said on Thursday. Insiders said, local companies are now heavily relying on foreign banks, financial institutions and development agencies for funds mainly due to lower interest rates charged by them. According to Bangladesh Bank (BB), local companies borrowed $2.6 billion term credit, mostly by having a maturity of five years...
Tens of thousands of Eid passengers may face untold sufferings en route to their village homes and towns during the ensuing Eid holidays owing to dilapidated condition of some key roads and highways such as the Dhaka-Chittagong, the Dhaka-Tangail, the Dhaka-Mymensingh, the Dhaka-Khulna, the Dhaka-Sylhet and the Dhaka-Mawa, transport operators said on Friday. They said, potholes and caves have developed at various points of 62,000 kilometres long roads and highways across the country, making them almost unfit to traffic. “We are...
The garments sector is becoming hot again over the non-payment of workers’ salary and festival bonus ahead of Eid-ul-Fitr.As storm brewing in the garment industry centering non-payment of wages and Eid bonus, the security agencies are apprehending another flare up of labour unrest in the country’s key garment industrial belts ahead of the Eid.Earlier, in a report to the government, a security agency had submitted a list of 506 vulnerable garments factories located in Savar, Gazipur, Narayanganj and Chittagong where...
The government has offered income tax (IT) waiver up to Tk 5.0 lakh investment in pensioners saving certificate and wage earners development bond to increase sales of saving instruments, official sources said. Bangladesh Bank (BB) issued a circular in this regard on Wednesday in line with the government decision on income tax waiver.The circular issued by the Department of Debt Management of BB said, the investors who invested Tk 5.0 lakh in pensioners saving certificate and wage earners’ development bond...
The government agencies have beefed up security measures and vigilance in the country’s key garment industrial belts sensing trouble ahead of the Eid-ul-Fitr centering non-payment of wages and festival allowances, sources said.Besides, some labour leaders have a plan to create anarchy in the garments sector cashing the workers’ sentiment of non-payment, it is alleged. As part of the effort, a senior official of an intelligence agency said that they had been keeping five influential labour leaders under close watch so...
The government once again is going to inject fresh capital into the crisis-ridden state-owned banks to help them enhance the lending activity and meet the capital adequacy norms, official sources said on Sunday.It will this time disburse Tk4000 crore to five public banks– Sonali, Janata, Agrani, Rupali and Basic — as part of the capital infusion programme. “The funds would be disbursed to these public banks soon with applying stringent terms and conditions,” a senior official of the Bank and...
Economists on Tuesday came up with the suggestion that the next monetary policy, which the central bank is going to announce on July 27, should focus on maintaining a low and stable inflation and credit boost in productive sectors to support an inclusive economic growth.Bangladesh Bank (BB) is going to announce the policy at a time when the economy is facing challenges to sustain growth in wake of sluggish investment. The main factors that contributed to the investment crunch are...
Export of ready-made garments (RMG) surged by 14 per cent to reach $24.49 billion in the just-concluded fiscal year (2013-14) defying a global negative propaganda on the industry and political turmoil at home.This was possible due to certain favorable factors like aggressive marketing of the garments owners, dedication of the workers, low wage level, value addition of apparels, market diversification and reliability of the global buyers, insiders said.Bangladesh is the biggest apparel exporters after China fetched $21.51 billion from the...
Bangladesh Bank (BB) on Tuesday instructed the Anti Corruption Commission (ACC) to launch an in-depth investigation against the former board members of BASIC Bank who were allegedly involved in Tk 4,500 crore loan scam of the state-owned bank. The Financial Integrity and Customer Service Department of BB in a letter instructed the anti-graft body to probe the alleged financial irregularities by the former board members, including Sheikh Abdul Hye Bacchu, chairman of the recently dissolved board of the bank. BB...
Senior bankers and financial analysts on Monday urged the government for taking punitive measures against the errant board members of the Basic Bank in a bid to restore depositors’ confidence and discipline in the public banks. They are also skeptical about the government’s move to rescue Basic Bank from its present crisis by only restructuring the bank’s board of directors unless bold steps are taken to recover the stolen money from the bank. “The government should go tough against the...
A former chief of National Board of Revenue (NBR) said on Wednesday that the government must pursue a pro-people policy...