BSS, Dhaka :
Bangladesh Bank (BB) is strengthening its monitoring adopting the latest IT (information technology)-based system to make foolproof its surveillance on the banking sector.
“The central bank initiated strengthening of its monitoring after some big credit scams by Hallmark and some others,” BB executive director Mohammad Naushad Ali Chowdhury told BSS.
He said the on-going monitoring would be strengthened further with the latest information technology so the central bank can efficiently and effectively check irregularities in the banking sector.
As part of the initiatives, modern information technology would be adopted in the current monitoring system to take it to the global standard, the executive director said.
The central bank in October last year introduced Integrated Supervision System (ISS), a web-based monitoring tool, to prevent irregularities in the banking sector.
Using the software, the BB integrated information of banks’ overall activities including balance sheet exposure, off-balance sheet exposure, credit operation, foreign exchange business, money market operation and regulatory compliance.
The ISS also helps the central bank collect the financial statements on monthly basis from all bank branches across the country.
Besides introducing the online monitoring system, the central bank started providing its staff with global-standard training so they can operate the latest IT- based monitoring system, the executive director said.
He said the central bank also constituted some strong groups of skilled high officials for stronger monitoring.
