Dhaka, Bangladesh (BBN)- The central bank has initiated a process to build an IT-based monitoring platform to ensure foolproof surveillance on baking sector.
“The central bank has already sought assistance from the World Bank (WB) and the International Monetary Fund (IMF) to appoint a consultant to establish the platform,” a senior official of the Bangladesh Bank (BB) told BBN in Dhaka.
He also said the central bank has sought financial assistance from these two organizations to pay the consultant salary and other allowances.
The platform would have a team of 30-40 skilled staff from the central bank to gather and update necessary information from the banks to monitor all transactions constantly to check any wrong-doing, the central banker added.
Besides, the central bank will form a 50-member Anti-Fraud Vigilance Squad shortly aiming to check the risk of fraud and forgeries.
The central bank has taken the latest measures against the backdrop of rising trend of large-scale irregularities in purchasing and providing acceptance of the bills against local LC (letter of credit)-denominated foreign currency by different bank braches in the recent months.
Hallmark Group, along with a few other business entities, has allegedly swindled funds worth BDT 35.47 billion from the Sonali Bank Limited involving 57 branches of 27 commercial banks using the accommodation bill against back-to-back letters of credit (LCs) ignoring banking rules and regulations, according to the central bankers.
BBN/SSR/AD-12Sept12-9:20 am (BST)