Society banking under restriction; Seven-year jail for illegal operation
The cabinet yesterday approved the final draft of the Cooperative Society Act 2012 prohibiting cooperative organisations from running any credit programme among their members. The draft law also bans receiving deposits or subscription from those who are not members of the cooperative. It has also provisions for maximum seven years’ imprisonment and a fine of [...]
By: The Daily Star Business Reporter Bangladesh Bank must proceed cautiously in issuing licences for new banks, a top official of the International Monetary Fund said yesterday. “The central bank should enforce stricter licensing criteria in considering any application for a new bank,” said David Cowen, IMF mission chief for Bangladesh, Asia and Pacific Department. [...]
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By: Rejaul Karim Byron In the face of pressure from the government high-ups, the Bangladesh Bank (BB) may allow five new private banks to come on the scene against its will. The board of the central bank may also give its nod to setting up of three NRB (Non-Resident Bangladeshis) banks due to the same [...]
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By: Staff Correspondent Regulators have moved to probe into the Destiny-2000 Ltd scam spotted by Bangladesh Bank, following series of news reports on the issue over the last few days. The Department of Cooperatives (DoC), which is the principal regulator of cooperative societies, has formed a high-powered committee to look into the matter. It has [...]
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By: Special Correspondent Bangladesh Bank governor Dr. Atiur Rahman Tuesday urged the Islamic banks and Islamic windows of conventional banks in Bangladesh to pursue vigorous promotion of Islamic micro and SME finances, in step with the country’s concerted efforts for faster poverty eradication with deeper and wider financial inclusion. He was addressing a World Islamic [...]
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By: Siddique Islam The central bank is going to take a final decision on allowing new private commercial banks (PCBs) in Bangladesh by the end of this month, officials said.”Another board of directors meeting of the central bank will be held by the end of March 2012 for taking decision on giving final approval to [...]
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Two major financial institutions of the country – Investment Corporation of Bangladesh (ICB) and Bangladesh House Building Finance Corporation (BHBFC) – have been doing their banking and financial activities without any licence of the central bank, said a report of Bangladesh Bank (BB). The BB has urged the government to bring the activities of the [...]
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Bangladesh Krishi Bank has distributed Taka 3,882 crore as agriculture loan in the first eight months of current fiscal year for increasing crop production in the country, reports BSS. The distributed amount is 68 percent of the total loan distribution target, Managing Director of the Bank Mokhter Hossain said this while talking to BSS. “We [...]
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Bangladesh Bank on Monday asked commercial banks to increase agriculture credit disbursement as the loan disbursement in July-January fell by 6.15 per cent compared to the same period of the last fiscal year. The central bank governor Atiur Rahman at a meeting with officials of commercial banks expressed dissatisfaction over the low disbursement of agriculture [...]
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Bangladesh Bank (BB) will not issue any new one-taka note, instead it will replace all those in circulation with coins, a BB official told BSS yesterday. “We have decided not to issue any new note of taka one because the paper notes are not suitable for repeated use while coins sustain for ever,” BB Currency [...]
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Bangladesh Bank on Wednesday asked the commercial banks to provide the central bank on weekly basis the list of fixed deposits and deposit pension schemes worth Tk 1 crore or more. The directive was issued as the BB found that the banks were giving higher interest rates than the rates announced by them, sources in [...]
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Backed by high remittance inflows in the past few weeks, the country’s foreign currency reserves rose to USD 9.80 billion on February 14, from USD 8.90 billion a month ago. A Bangladesh Bank (BB) statement claimed that a further rise in foreign currency reserves would strengthen the Taka against the US dollar. According to BB [...]
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