Connect with us

Bank-Insurance

BB Set to Launch Digital Bank Nationwide: Governor

Published

on

bangladesh bank loan BB digital bank dollar crisis

The Bangladesh Bank is gearing up to launch a digital bank in the country, as announced by Governor Abdur Rouf Talukder on Wednesday, May 24th.

Speaking as the chief guest at the first Digital Transformation Summit 2023, he highlighted the upcoming introduction of a digital bank, an online real-time credit rating system, and national debt cards. Hosted by the Association of Bankers Bangladesh Limited (ABB) under the theme “Banking on Digital Transformation,” the two-day summit is being held at Pan Pacific Sonargaon Dhaka.

Governor Abdur Rouf Talukder emphasized the pressing issues of corporate governance and non-performing loans in the banking sector. He stressed the need for cultural changes, ethical practices, and proper education of the workforce to instill good practices within the banking system. The implementation of guidelines, along with strong management and CEO involvement, is expected to address these challenges effectively.

Highlighting the achievements of the Digital Bangladesh vision, the central bank governor stated that steps are being taken towards realizing the Smart Bangladesh vision. Additionally, there is a goal to make 75% of transactions cashless. With these initiatives, the Bangladesh Bank aims to enhance the country’s banking sector and embrace the digital era.

Share this

Bank-Insurance

Cenbank Waives Late Fees on Loan and Credit Card Payments Amid Crisis

Published

on

bank bb cenbank

In light of the current situation, Bangladesh Bank has mandated that all banks and financial institutions refrain from charging additional fees for late payments of credit card bills and loan installments.

The central bank issued this directive through two separate notifications on Wednesday, providing a significant relief measure to the financially burdened.

Borrowers and credit card holders who were required to make payments during the curfew and public holidays now have until July 31 to settle their dues. Bangladesh Bank has explicitly stated that banks and financial institutions are prohibited from imposing any extra interest, penalties, or late fees for installments or credit card bills due between July 18 and 25. Furthermore, no savings schemes shall be canceled for non-payment of installments during this period.

The central bank’s notification acknowledges that many borrowers and credit card users have struggled to meet their payment deadlines due to the prevailing circumstances.

Additionally, numerous depositors have been unable to make timely deposits into various savings schemes, including the Deposit Pension Scheme (DPS). To address these challenges, the new guidelines will be in effect from July 18 to 25, covering dues on loans, credit card bills, and savings scheme installments.

According to the directive, if the outstanding loan and credit card payments are settled by July 31, any accrued interest, penalty interest, additional interest, excess profit, or late fees will be waived. Similarly, if savings scheme installments are paid by July 31, no late fees or penalties will be imposed.

Moreover, any interest, penalty, or late fee already collected on loans, credit cards, or savings schemes must be refunded or adjusted, as per the Bangladesh Bank directive.

Share this
Continue Reading

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