Connect with us

Bank-Insurance

Cenbank asks banks to be cautious about fake notes during Ramadan

Published

on

cenbank Monetary Policy bangladesh bank central imf reserve BB

Bangladesh Bank (BB) Urges Vigilance Against Counterfeit Notes During Ramadan

Bangladesh Bank (BB) has issued a circular to all commercial banks, urging heightened vigilance to prevent the circulation of counterfeit notes during the month of Ramadan. The circular, addressed to the managing directors of all commercial banks, instructs banks to take necessary measures to combat the spread of fake currency.

As per the directive, banks are required to broadcast a video clip showcasing the security features of banknotes for at least one hour after evening prayers in major public areas of the capital, divisional cities, and Bogra city throughout Ramadan.

Additionally, banks are instructed to thoroughly inspect notes before loading them into ATMs. Furthermore, all bank branches are mandated to display videos highlighting the security features of banknotes during banking hours.

Share this

Bank-Insurance

Cenbank Prolongs Import Payment Terms for Raw Materials Until Dec 2024

Published

on

bank

The Bangladesh Bank (BB) has announced an extension for the payment period against imports of industrial raw materials from 180 to 360 days, a measure now set to remain in place until December 2024. This policy, initially scheduled to end in June of this year, has been prolonged to facilitate trade transactions, according to a BB circular issued today.

“To support trade transactions, it has been decided to extend the policy support until December 31, 2024. The extended usance period will not apply to imports under EDF loans, as previously stipulated. All other relevant instructions remain unchanged,” the circular stated.

Share this
Continue Reading

Bank-Insurance

Banks in Industrial Areas to Open June 14-16 for Eid Payments

Published

on

cenbank Monetary Policy bangladesh bank central imf reserve BB

To ensure timely payment of salaries and bonuses to garment industry workers before Eid-ul-Azha, the branches of banks in key industrial areas will remain open on a limited basis on June 14, 15, and 16.

The Bangladesh Bank (BB) issued a notification stating that bank branches in Dhaka metropolitan, Ashulia, Tongi, Gazipur, Savar, Bhaluka, and Narayanganj will operate on these days to facilitate financial transactions for garment sector employees.

Typically, Friday and Saturday (June 14 and 15) are weekly holidays, and Sunday (June 16) will be closed for Eid. Despite these closures, the BB has mandated that banks in industrial regions stay open to manage the disbursement of wages and bonuses and facilitate the sale of export bills.

Additionally, bank branches in Chattogram metropolitan and industrial areas will also be open to support garment workers’ payments and the processing of export bills.

The BB has instructed banks to coordinate with local authorities to ensure adequate security at the branches during this period.

Eid-ul-Azha, one of the most significant religious festivals for Muslims, will be celebrated in Bangladesh on June 17.

Share this
Continue Reading

Bank-Insurance

Cenbank Mandates Real-Time Reporting of Willful Defaulters

Published

on

bank

The Bangladesh Bank (BB) has issued new instructions to banks to submit data on willful defaulters to the Credit Information Bureau (CIB) database. This directive was issued on Tuesday, requiring immediate compliance from commercial banks and non-banking financial institutions (NBFIs).

In a circular released by the CIB of the central bank, banks have been instructed to report their June data in real-time starting July 1. The circular has been sent to top executives of banks for prompt execution.

This move follows an earlier initiative by the BB, outlined in a circular on March 12, aimed at identifying willful defaulters within the banking sector. The central bank also detailed actions to be taken against such defaulters.

According to the circular, any client who takes a loan anonymously and misuses it will be classified as a willful defaulter. Banks were directed to establish a ‘willful defaulter identification unit’ by April 9 to facilitate this identification process.

The circular further stipulates penalties for non-compliance. Banks that violate these conditions will face fines ranging from Tk 50 lakhs to Tk 1 crore. Continued violations will incur additional fines of Tk 1 lakh per day.

Share this
Continue Reading