Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.

Sinking new banks desperate for deposits

A number of new banks are desperately striving to collect deposits by offering attractive rewards like jobs. But due to scams in some of these banks people have lost confidence in all of these financial institutions. A public relations officer of a fourth generation public bank urged this correspondent to find any known person, who is interested in depositing Tk5 crore in his bank for which the bank in turn is ready to recruit two persons who recommend depositors as a reward against the deposit.

Depositors now easy targets of govt, banks

The government is now milking the bank depositors to the maximum possible extent to extract tax revenues, at times, going beyond logic and norms. The depositors are being made to pay tax revenue in addition to fees and service charges levied by the banks on them on a regular basis.

Bangladesh’s default loans jump by 20% in 2017

The default loans in the country’s banking system jumped by nearly 20 per cent or BDT 121.31 billion in 2017 as a major portion of restructured large loans turned into bad debts. The amount of non-performing loans (NPLs) rose to BDT 743.03 billion as on December 31 last year, from BDT 621.72 billion on the same day of the previous year (2016), according to the central bank’s latest statistics.

Bangladesh has attained criteria of developing nation, says UN

The United Nations has announced that Bangladesh has attained the graduation criteria to be a developing nation from a least developed one where the country remained stuck for the past 43 years. The announcement came on March 16 on completion of review of the LDC category by the UN Committee for Development Policy in New York.

Bangladesh’s stocks end lower for fourth straight week
Bangladesh’s stocks witnessed yet another bearish week that ended on Thursday, extending the losing streak for the four weeks in a row, as investors continued their selling spree. Analysts said the market extended losses as retail investors reluctant to make fresh investment while the institutional investors could not support the market more due to ongoing liquidity crisis.

Rooppur Nuke Plant: Draft of deal with India ready
Bangladesh is going to sign an agreement with New Delhi under which Dhaka will take Indian nuclear agency’s expert service in Rooppur nuclear power plant. The science and technology ministry officials said a draft of the agreement was sent to the cabinet division for approval.

Banks’ deposit rates on the rise amid liquidity crisis
Rate of interest on deposits in a number of banks increased up to 12.05 per cent in March this year amid liquidity crisis in the sector, raising concern among businesses about increased cost of doing business. Businesses have said that such trend of deposit rate would ultimately lead to an increased lending rate by the banks.

Non-bank depositors to get insurance coverage
Bangladesh Bank has prepared a draft law bringing amendments to an existing one to ensure insurance coverage for depositors of non-bank financial institutions (NBFIs) to protect their interests. Currently, only bank depositors are eligible for insurance based on The Bank Deposit Insurance Act, 2000. The amendments have been proposed on it.

BBN/SSR/AD