Mismanaged by S Alam though govt has majority shares
Although government banks and organizations hold 51% of the shares in Bangladesh Commerce Bank, the controversial conglomerate S Alam Group has effectively taken control of the bank. They have misused their influence to appoint the bank's chairman and managing director. Furthermore, the bank owes Tk 13 billion to other banks and financial institutions owned by S Alam Group.
According to sources, S Alam Group did not borrow money directly from Bangladesh Commerce Bank. Instead, the bank provided Tk 6.10 billion to other banks owned by S Alam Group, and the conglomerate withdrew this amount, either under different names or anonymously. In addition, Tk 7 billion remains stuck in financial institutions owned by S Alam and
BBIN: A catalyst for economic growth and development
The BBIN (Bangladesh, Bhutan, India and Nepal) initiative, officially launched in 2015, was created to tackle the logistical and economic challenges that have historically hindered South Asia's development. A key objective of the initiative is to strengthen economic collaboration. By streamlining the cross-border flow of goods and services, the initiative can greatly lower transportation expenses and reduce transit durations. This is especially important for landlocked nations such as Bhutan and Nepal, which depend heavily on neighboring countries for access to global markets. Improved connectivity can facilitate trade, investment, boost regional tourism, and create jobs, all of which will contribute to the economic growth of the region, according to the editorial of the current News B...
Islami Bank board to be dissolved
The Bangladesh Bank has announced its decision to dissolve the board of directors of Islami Bank in the coming days and place all shares owned by S Alam Group and its affiliates under government control. Governor Dr. Ahsan H Mansur made these announcements during a press conference on Wednesday, stating that a new board of directors will soon be formed for Islami Bank.
In the meantime, independent directors from S Alam's other six banks will be temporarily moved to Islami Bank. Dismissed directors...
In the meantime, independent directors from S Alam's other six banks will be temporarily moved to Islami Bank. Dismissed directors...
Restrictions on 6 S Alam-controlled banks in disbursing loans
Bangladesh Bank (BB) imposed restrictions on six banks under the control of the S Alam Group in giving loans and prohibited opening Letter of Credits (LCs) for import. Now the banks will have to take permission from BB in case of distributing loans amounting over Tk 50 million.
The banks are - Islami Bank, Social Islami Bank, First Security Islami Bank, Union Bank, Global Islami Bank and Bangladesh Commerce Bank.
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Cash withdrawal raises to Tk 3 lakh daily limit
Bangladesh Bank (BB) has ordered commercial banks not to allow cash withdrawals of more than Tk 3 lakh per account daily.
Earlier, the limit was Tk 2 lakh.
The central bank also instructed banks to monitor transactions through cheques and block any suspicious transfer of funds.
"Due to security problems in transporting cash to bank branches, please do not allow withdrawals more than Tk 3 lakh in cash during the upcoming week," the Bangladesh Bank informed banks through an SMS on Saturday.
The central bank also instructed banks to monitor transactions through cheques and block any suspicious transfer of funds.
"Due to security problems in transporting cash to bank branches, please do not allow withdrawals more than Tk 3 lakh in cash during the upcoming week," the Bangladesh Bank informed banks through an SMS on Saturday.
Ensure full autonomy of Bangladesh Bank
The Bangladesh Bank Officers Welfare Council today called upon the interim government to amend the Bangladesh Bank Order 1972 for ensuring complete autonomy of the central bank.
They made the demand in a memorandum submitted to the finance adviser of the interim government and later informed journalists about the demand in a press conference at the central bank headquarters in the city.
The council recommended that Bangladesh Bank should be kept free from political interference and influen...
They made the demand in a memorandum submitted to the finance adviser of the interim government and later informed journalists about the demand in a press conference at the central bank headquarters in the city.
The council recommended that Bangladesh Bank should be kept free from political interference and influen...
