The government of Bangladesh is optimistic about expanding digital banking in the country to accelerate financial inclusion with an aim to create more jobs for young jobseekers. According to an official document seen by UNB, the government has stepped in to examine the possibility of “establishing digital banks.” It says if digital banking, which involves high levels of process automation and web-based services, could be expanded new jobs will be created for graduates in information technology. Digital banking provides services mostly through non-physical means such as app-based requesting systems and without printed paperwork, without filling out forms and making transactions through e-wallets. Read more: Towards a cashless society: MFS monthly transactions cross Tk 1.11 lakh crore The government is also considering if Bangladesh Bank can introduce digital currency. Introduction of Central Bank Digital Currency (CDBC) will facilitate currency in virtual transactions and encourage startups and e-commerce businesses, the document says. It is to be noted that establishing digital banks is under either initial implementation or experimental stage in various developed countries and some developing countries in Asia including Singapore, Malaysia and India. It also says that introduction of services like Mobile Financial Services (MFS) and Agent Banking in the country has facilitated financial inclusion. Read more: MFS transforming money transactions in Bangladesh, soon to cross Tk. 1 trillion But, it says, due to lack of interoperability of transactions between MFS service providers, the users of the service did not have the opportunity to perform direct inter-transactions. “To make financial inclusion more dynamic, the government has introduced financial interoperability in the country and fixed nominal fee and charge for inter-transactions,” it says. The government has also formulated the National Financial Inclusion Strategy-Bangladesh (NFIS-B) to establish social cohesion and economic stability by ensuring access to quality financial services for people from all walks of life. Read Bangladesh Bank to flirt with digital currency en route to cashless society Its main objective is to provide a comprehensive framework through which cooperation may be enhanced by coordinating and prioritising the work of all stakeholders involved in financial inclusion activities. The NFIS National Council (NNC) has been formed to implement various programmes under the said strategy. “All these steps will further strengthen the foundation of the financial inclusion process in Bangladesh,” it says. Read HSBC introduces domestic foreign currency transaction through RTGS As the risky use of virtual currencies such as Crypto Currencies continues to grow worldwide, many central banks around the world are working to launch digital versions of their currencies as an alternative to Crypto Currencies. The main purpose of launching Central Bank Digital Currency (CDBC) is to facilitate currency in virtual transactions and to encourage startups and e-commerce businesses. As a result of the time-befitting steps of the present government, the coverage of the internet and e-commerce in the country has increased tremendously. Read World's 7th largest data centre eyes foreign currency In this context, Bangladesh Bank will conduct a feasibility study on the possibility of introducing digital currency in Bangladesh. The Bangladesh Systemic Risk Dashboard is being made to identify the systemic risks and present the assessment of Bangladesh Bank to the stakeholders on a half-yearly basis. The financial projection model is being implemented to identify potential risks and weaknesses in the financial system. Read Digital Currency: Benefits and Risks of the Cashless Economy in Bangladesh Moreover, an interbank transaction matrix is being implemented to determine the nature, risk, and contagion effect of interbank transactions. Bangladesh Bank has formulated a recovery plan to prepare the banks for digital banking to adapt automatically and efficiently to the situation of severe stress in advance.

The Bangladesh Securities and Exchange Commission (BSEC) Wednesday approved bonds of NRBC Bank worth Tk500 crore. The decision came at 840th meeting of the commission held in Dhaka, BSEC Executive Director and spokesperson Mohammad Rezaul Karim told UNB. NRBC would raise Tk500 crore by issuing non-convertible, unsecured, fully redeemable, floating rate subordinated bonds. The bonds would be issued through private placement. Read: NRBC Bank conferred with Krishi Padak The face value of each bond is Tk1 crore, and the coupon rate is 7 to 9 percent. With the bond proceeds, the lender would strengthen its Tier-2 capital base. The trustee of the bonds is City Bank Capital Resources, and UCB Investment is the lead arranger, Rezaul said.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh has recently been named as the market leader in highest number of (three) categories in Bangladesh for corporate banking, environmental, social and governance (ESG) and corporate social responsibility (CSR) in a survey done by Euromoney. This survey is an independent assessment conducted by Euromoney, a leading global financial publication. It evaluates the work done by financial service providers across key banking categories and markets, HSBC Bangladesh said on Sunday. HSBC Bangladesh said it is proud to be recognised in three different categories for the quality services that the bank has been providing during its long 25 years of service in Bangladesh. The recognition is an acknowledgement of the strengths of HSBC Bangladesh driven by client-centric approaches all the way through its banking offerings, it said. Md Mahbub ur Rahman, CEO of HSBC Bangladesh said, “Winning the ’Market Leader’ award and getting recognised by Euromoney inspired us more to serve our customers, society, and environment even better. Three recognitions in the same year- is a testament of the confidence our customers have bestowed on us as to our superior capability and service standards. We are humbled and committed to uphold our excellent performances in the days to come. “ Read: HSBC Bangladesh launches instant payments collection solution for customers Kevin Green, Country Head of Wholesale Banking, HSBC Bangladesh said this is tremendous recognition for the services they are providing to their clients, the community and the environment.   “These prestigious awards were earned as a result of several notable industry-first transactions we have executed in the last year, reflecting our international footprint and expertise, digital propositions and thought leadership to support our clients in their transition to ’net zero‘.  These awards will inspire us to continue the great work in the future,” Kevin Green said.

Islami Bank Bangladesh Limited (IBBL) recently organised a training program on onboarding customers through e-KYC, Cellfin and security issues related to agent banking operations.  The workshop discussed different features of Cellfin, an omni-channel platform of IBBL for digital services and transactions. In three phases, 2,700 agents attended the programme, according to a media statement. Read: IBBL board of directors' meeting held Md Omar Faruk Khan, additional managing director of IBBL, spoke at the inaugural ceremony of the final day of the programme. Md Maksudur Rahman, senior executive vice-president, Mohammad Rezaul Karim, executive vice-president, and Abu Sayed, vice-president, also joined the programme.

Islami Bank Bangladesh Limited (IBBL) has launched a month-long fintech campaign. Mohammed Monirul Moula, managing director and chief executive officer of the bank, inaugurated the "All of Your Banking Through Fintech" campaign as the chief guest in Dhaka Monday. IBBL additional managing directors Muhammad Qaisar Ali and Md Omar Faruk Khan addressed the function as special guests. Read: IBBL Chattogram North, South hold Shariah compliance webinar Md Mostafizur Rahman Siddiquee, deputy managing director, presided over the programme. AFM Kamaluddin, deputy managing director, delivered the welcome speech. Monirul Moula said: "IBBL has been working to attain the Sustainable Development Goals (SDGs) in line with the initiatives of the government. We are contributing to the digital transformation of the country through the expansion of modern fintech services." Read Nagad bags Visa 'Excellence in Fintech' award

Chattogram North, Mymensingh and Bogura zones of Islami Bank Bangladesh Limited (IBBL) recently organised a half-yearly business development conference online. Mohammed Monirul Moula, managing director and chief executive officer of the bank, addressed the programme as the chief guest Wednesday. Read IBBL organises orientation for RDS field officers IBBL additional managing directors Muhammad Qaisar Ali, Md Omar Faruk Khan; deputy managing directors JQM Habibullah, Md Mostafizur Rahman Siddique, Md Nayer Azam; senior executive vice-presidents Md Siddiqur Rahman, Mohammad Jamal Uddin Mazumder, AFM Kamaluddin, Mohammed Shabbir, Md Mahboob Alam, Mohammod Ullah, Mizanur Rahman and Md Maksudur Rahman attended the conference. IBBL executive vice-presidents Md Anisul Haque, Ahmed Zubayerul Huq and Miftah Uddin; Md Rezaul Islam, head of Bogura, and Mohammad Nurul Hossain, head of Chattogram North, also joined the virtual business development conference programme, according to a media statement. Read: IBBL Chattogram South, Sylhet, Rangpur hold half-yearly business development conference

Chattogram South, Sylhet and Rangpur zones of Islami Bank Bangladesh Limited (IBBL) recently organised a half-yearly business development conference online. Mohammed Monirul Moula, managing director and chief executive officer of the bank, addressed the programme as the chief guest Tuesday. IBBL additional managing directors Muhammad Qaisar Ali, Md Omar Faruk Khan; deputy managing directors JQM Habibullah, Md Mostafizur Rahman Siddique, Md Nayer Azam; senior executive vice-presidents Md Siddiqur Rahman, Mohammad Jamal Uddin Mazumder, AFM Kamaluddin, Mohammed Shabbir, Md. Mahboob Alam, Mohammod Ullah, Mizanur Rahman and Md Maksudur Rahman attended the conference. Executive vice-presidents Abu Sayed Md Idris, Sikder Md Shehabuddin, Md Mizanur Rahman Bhuiyan, Ahmed Zubayerul Huq, Md Barkat Ullah and Miftah Uddin also joined the programme, according to a media statement. Read: IBBL holds executive development program

The government is banking on the strong domestic and external demand for the country's medium-term growth overcoming the COVID-19 pandemic and Russia-Ukraine war's impact on the economy. "Strong domestic and external demand will be the main driving force of growth in the medium term," according to a budget document.It mentioned that consumption and investment to increase the domestic demand and exports to increase the external demand will be areas focused on by the government.As per the document, the goal of the government will be to build improved communications, necessary infrastructure and ensure power and energy security through increased public, private and foreign investment."The focus will also be on increasing the productivity of labor to increase export competitiveness," it stated.On the supply side, the goal of the government is to accelerate the growth of the industrial and service sectors to achieve high GDP growth and employment.Finance Minister AHM Mustafa Kamal, while delivering his budget speech on June 9, said that he was hopeful that this goal will be achieved through the speedy implementation of the establishment of economic zones. Read: No hustle-bustle: Soul goes missing from Khulna Railway Station"In order to create skilled manpower, vocational and technical education will be expanded," he said in his budget speech for the 2022-23 fiscal, which got underway on July 1.The budget document said that the government will give emphasis to continuing to build skilled manpower and exploring new labor markets to increase remittance income.In the medium term, the policies and strategies are consistent with the country’s 8th five-year plan and the perspective plan.For this purpose, this year’s budget focused on poverty alleviation and inclusive growth to ensure equity and fairness in society.Highest emphasis has been given to containing inflation. Emphasis is also given to inclusive growth, poverty reduction and job creation."Therefore, labour-intensive and export-oriented production will be encouraged," the document mentioned.It said that credit and other facilities will continue to be provided to the cottage, micro, small and medium industries. In addition, agricultural diversification and ICT- dependent initiatives will be given priority. Besides, the process of creating skilled manpower for foreign employment will continue.With these initiatives, the government hopes that it will be able to further generate employment elasticity of GDP, which will ultimately contribute to the reduction of income inequality.As per the document, the country's economic growth was hampered due to the COVID-19 pandemic in the 2019-2020 fiscal.  Although a record 7.88 percent growth was achieved in the 2018-2019 fiscal, it decreased to 3.45 percent due to the pandemic in 2019-20. Read: Padma Bridge: Hawkers at Daulatdia Ghat in the same boat as ferry servicesHowever, the country was able to begin the process of economic recovery very quickly. As a result, 6.94 percent growth was achieved in FY2020-2021 despite the continued impact of COVID-19.It appears from the economic variables that indicate that the second wave of COVID-19 continued in the first quarter of the just concluded financial year (2021-22) but did not have a significant negative impact on the economy.Considering overall perspective, the 2021-22 fiscal’s GDP growth is forecast at 7.25 percent.At the same time, a growth rate of 7.5 percent has been targeted for the running 2022-2023 fiscal. "The growth rate has considered the lagged effects of the COVID-19 and the protracted crisis arising from the Russia-Ukraine conflict," the document said.

Inter-bank cheque settlement and electronic fund transfer system of Bangladesh Bank resumed on Sunday (April 18, 2021) morning after five days of suspension. The system was suspended on Tuesday (April 13, 2021) last due to a technical fault in the optical fiber of Bangladesh Telecommunications Company Limited (BTCL). Also read: Inter-bank cheque settlement, electronic fund transfer suspended due to technical fault “The Inter-bank cheque settlement and electronic fund transfer system resumed operation from the morning and there is no problem in this regard as it is working in full swing”, Sirajul Islam, BB spokesperson, told UNB. According to official sources at the BB, one of the two servers, one located at the central bank and another at Bangladesh Bank Training Academy in Mirpur, became inoperative resulting in disruption in the electronic fund transfer inter-bank cheque settlement.   Read BB signs PAs with 12 banks, 2 FIs to operate Tk1,000 crore TDF Technicians of both BB and BTCL were working to resolve the problem and finally they became successful in repairing the glitch. Official sources said the glitch took place following an order from the central bank to stop operation of the system during the all-out lockdown. But after the change in the decision, when the clearing house was asked to resume the system, it started experiencing problems in the server, said a source at the BB. Also read: Banks to operate from 10am to 1 pm for general transactions ...

Thirteen women were awarded the "Woman of Inspiration Award 2021" Saturday (March 27, 2021) on the occasion of International Women's Day. Global nonprofit organisation JCI Bangladesh organised the programme at a Dhaka hotel to honour the exceptional women "who inspire others to be more and do more." The inspirational women received the award in different categories including entrepreneurship, banking, legal affairs, business innovation, medical innovation, defence, art and culture, fashion and beauty, media, and corporate leadership. Read Legendary Women in Bangladesh with Pioneering Contribution in Diverse Fields.