Bangladesh Bank (BB) deputy governor Nazneen Sultana inaugurated the roadshow at a city hotel
Citibank, NA Bangladesh has launched roadshow on Electronic Fund Transfer (EFT) to popularise the modern payment system across Bangladesh.
The roadshow will be comprised of five additional workshops in 2014 in the country's major collection and payment centers located in Bogra, Jessore, Comilla, Mymensingh and Sylhet.
She said electronic fund transfer system has brought new dimension to the country’s payment system, which is cost-effective, secured and eco-friendly.
But the country’s people are still not aware about this modern system, she said, expecting the Citi initiative would help popularise the system.
However, she hoped the people will be habituated in using the system as it is gaining pace as days passing by. Now electronic fund transactions increased to 55,000 per day from 18,000 a couple years back, she said.
BB General Manager of Payment System Department KM Abdul Wadood said the EFT is yet to reach at satisfactory level since its introduction by the central bank in February 2011. A lot of challenges remain in making people habituated, he said.
Citi Managing Director and Head of Cash Product, Southeast Asia, Noel Saminathan, Citi Country Officer Rashed Maqsood, Head of its Treasury and Trade Solution Moinul Huq and Head of its Corporate and Investment Banking Shams Zaman also spoke at the function.
Later at a panel discussion, Dutch Bangla Bank Deputy Managing Director AKM Shirin said a client has to present physically for completing some formalities. This is one of the reasons the system is not getting momentum, he said.
Another discussant said most of the commercial banks do not have full-fledged online banking systems, holding back many to introduce the system.
The opening event was also attended by senior officials from Bangladesh Bank, Bangladesh Automated Clearing House, managers from scheduled banks and corporate clients of Citi Bangladesh along with nominated distributors and dealers.
The objective of the roadshow is to reduce paper-based processes from the entire payment industry and thus adding more efficiency in the economic system.
Through this initiative, Citi Bangladesh hopes to stimulate further utilisation of EFT system across the country in conjunction with the digital initiatives of the central bank.
As real time gross settlement (RTGS) is expected to go live in 2015, it is expected that a culture of strong electronic payment system across the country will develop, said the Citibank.
Faster settlement cycle along with standardisation in payment information transmission will not only help the clients achieve efficient receivable cycle, but also help the communities across the country to get their goods and services far faster than now, it said.
The system, tagged as Bangladesh Electronic Fund Transfer Network (BFTN), initially allows people to make online money transactions, payment of utility bills through internet, transfer of funds (account to account), payment for goods and services, and facilitate online credit card payments in local currency.
People can later transfer fund from their accounts to the recipients in the country irrespective of their banks, the central bank officials said.News:Dhaka Tribune/27-Aug-2014
NEW DELHI: Premier Narendra Modi has put a pledge to give bank accounts to all Indians on a war footing, but experts say taking banking to rural areas where many people have no identity papers will be a huge challenge, reports AFP.
In developed nations, bank branches are everywhere. But banking services in India leave out nearly half the 1.2 billion population, putting poor people at the mercy of moneylenders who charge usurious interest for emergency loans for sickness or routine purchases such as buying seeds.
“Why are our farmers committing suicide? It’s because they have to take money at huge interest rates from the moneylenders,” Modi declared in his first annual Independence Day speech. Just 145 million of India’s 247 million households have access to a bank account, census figures show. According to the World Bank, 73 percent of farmers have no formal source of credit. While the drive for universal banking access dates back decades, India is still far from its goal.
United Commercial Bank Limited (UCBL) signed an agreement with Protective Islami Life Insurance Limited at the corporate head office of the bank in Dhaka on Tuesday.
As per the agreement, Protective Islami Life Insurance Limited will work as Group Term Insurance Coverage service provider for UCB, said a press release.
Muhammed Ali, Managing Director, United Commercial Bank Limited and Mohd. Golam Rabbani Choudhury, Managing Director and CEO of Protective Islami Life Insurance Limited signed the agreement on behalf of respective organisations.
Bangladesh Bank (BB) earned a net profit of Taka 3351.82 crore in the 2013-14 financial year (FY14) with Taka 1562.78 crore transferable profit to the national exchequire, according to the Bangladesh Bank’s Account for 2013-2014.
The BB’s board of directors approved the annual account at a meeting, held on Wednesday at the central bank’s headquarters in the capital city, said a BB press release.
The earning was lower than Taka 4,152 crore of the 2012-13 financial year.
BB said that its monetary policy and money market management along with the trend in the government’s revenue collection and borrowing were reflected in the financial activities of the central bank.
Like previous year, the financial result of operations of BB has been prepared in accordance with the International Financial Reporting Standards (IFRSs) approved by the International Accounting Standards Board (IASB).
DHAKA: Sixteen commercial banks have entered into agreements with the Bangladesh Bank (BB) to provide low interest credits to the jute sector from the central bank’s newly formed Tk 200 crore refinancing scheme, reports AFP.
Deputy Governor SK Sur Chowdhury attended the agreement signing ceremony as the chief guest. Executive director Md Moniruzzaman and general manager of Agricultural Credit and Financial Inclusions Department Provash Chandra Mallik and chief executives of 16 commercial banks were present at the ceremony.
SK Sur Chowdhury said the central bank has formed the refinancing scheme to provide loans to all public-private jute mills, exporters and jute traders for the revival of the country’s jute sector. BB has signed agreements with the banks to release money from the fund because it is now high time for purchasing raw jute, he added.
“We hope that BB’s refinancing fund would play a role in ensuring fair price of jute,” he said, adding that the central bank has plans to enhance the size of this fund in future.
As per the agreement, the participatory banks will get fund from this refinancing scheme at 5 percent interest. Jute mills and jute traders involved in jute export will be able to take loans from banks at maximum 9 percent interest.
The participatory banks are Sonali, Agrani, Janata, Rupali, BASIC, UCBL, IFIC, National, Prime, AB Bank, Mercantile, Uttara, Bank Asia, Standard, One, Trust, Shahjalal and City Bank.