Dhaka, Bangladesh (BBN)-Disbursement of fresh loan from three branches of BASIC Bank Ltd has been suspended temporarily due to irregularities in previously-sanctioned loan
The Bangladesh Bank imposed the fresh restrictions as the Gulshan, Shantinagar and Dilkusha branches of the bank is riddled with irregularities, a senior official of the BB told BBN in Dhaka.
The central bank has already sent a letter to the acting managing director of the bank.
Earlier on Sunday, the BB ordered the removal of Managing Director Kazi Faqurul Islam from the post of the MD of BASIC Bank Limited on the charges of negligence of duty and irregularities.
It also barred Islam from holding the post of the state-run BASIC Bank’s MD as well as taking employment, directly or indirectly, at any bank or financial institution for a period of two years.
The BB took the strong measures as Islam is accused in violating the banking rules in different areas including sanctioning a loan amounting to BDT 500 million at its Gulshan branch in the capital in 2012.
BBN/AKMSI/AD-26May14-5:00pm (BST)
