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Bangladesh Bank Appointed Two Deputy Governors
Bangladesh Bank refutes Indian media report on reserve heist
Bangladesh Bank has rejected claims of a new heist of foreign exchange reserves which is reported by an Indian news portal. In an statement The Bangladesh Bank stated, 'An Indian newspaper published news regarding reserve heist of Bangladesh. This is to inform everyone that it is absolutely fake news. We have a three-tier confirmation policy with the US Federal Reserve now and have regular reconciliation of transactions.' The Indian news agency published the article titled 'Are Indian hackers behind this month’s Bangladesh Bank heist involving billions?' saying that some unidentified suspected Indian hackers used digital ways to extract billions of dollars of foreign exchange reserves from the central bank of Bangladesh about a week ago. 'At least three officials familiar with the heist confirmed the matter to that Indian portal,' the news agency said. The report says, 'While the sources were chary to disclose the amount sucked out of Bangladesh Bank, they confirmed that Indian and Bangladesh authorities, including the security agencies of the two countries were aware of the “sensational” heist and were “quietly” probing the crime.' Notably, the news agency did not disclosed any clear information about the heist and the source of the information.  
Sonali, BDBL sign MoU for merger process
Padma Bank set to merge with Exim Bank
Nine banks in red zone: Bangladesh Bank
Habibur Rahman, Khurshid Alam appointed as BB's deputy governors
7 individuals-institutions got 'RTV Bima Awards-2022'
Seven individuals and organizations have been awarded the 'RTV Bima Awards-2022' for their significant contributions to the country's insurance sector.  On Wednesday, March 15 in the evening, the award ceremony took place at the capital's Le Méridien Hotel, Dhaka through a dazzling event.  On Saturday, March 18, the programme will telecast on RTV.  Those who got the 'RTV Bima Awards-2022' are: National Life Insurance Company Limited, Pragati Life Insurance Company Limited, Green Delta Insurance Company Limited, Provati Insurance Company Limited, and NDD Suraksha Trust.  Nizam Uddin Ahmed, the chairman of Karnaphuli Life Insurance and Meghna Life Insurance Company Limited got the award.  At the same time, Dwipbandhu Mustafizur Rahman, entrepreneur and  the founder of Rupali Life Insurance Company Limited, was awarded posthumously. Morshed Alam MP, the Chairman of RTV, said, "The spread of insurance coverage and the number of policyholders in this country of 170 million people is very low. For the past 8-9 years, I have been involved with the insurance sector, and I am the Chairman of National Life Insurance Company. I have tried to promote the insurance industry and earn a good reputation for it.  Because I have seen that there is a lot of hesitation and uncertainty among people about insurance.  Insurance covers people's risks.  So, people need to be encouraged to insure themselves, and they need to be informed about the benefits of insurance.  Prime Minister Sheikh Hasina, the daughter of Bangabandhu, has placed great importance on the insurance sector.  In addition, due to Insurance Day celebrations, our publicity and reputation have increased. We need to further advance the insurance industry. I believe that those who are involved in this industry will increase people's confidence and expand the insurance industry if they keep their promises properly. State minister for planning Dr Shamsul Alam said, "The success of the country's businesspeople during this crisis has propelled our economy forward.  As a result, the growth of our economy did not go negative.  Despite the Ukraine war, we expect our growth to remain above 7 percent. The business sector of our country has expanded a lot.  Here our insurance companies have a big role to play. In the country, total 81 private sector insurance companies are operating their activity. We need to modernize and digitize our insurance sector." "At the same time, skills of those related to this sector should be increased. If there are any flaws in the policy framework, then I will fix that while formulating the plan later," he said. He said, "Under the leadership of Prime Minister Sheikh Hasina, the country has progressed remarkably. We must utilize her visionary and exceptional leadership." The Chairman of Bangladesh Securities and Exchange Commission Professor Shibli Rubayat Ul Islam, Chairman of Insurance Development and Regulatory Authority Mohammad Jainul Bari, President of Bangladesh Insurance Association Sheikh Kabir Hossain, and the Managing Director of RTV Humayun Kabir Bablu were also present at that programme. The programme "RTV Bima Awards-2022" sponsored by National Life Insurance Company Limited.
Central Bank to dissolve Uttara Finance board for scams
On Tuesday, December 27, Bangladesh Bank decided to dismiss the board of directors of the Uttara Finance and Investments over major financial irregularities involving Tk 5,100 crore it had unearthed two years ago.  The Bangladesh Bank officials who are working on the issue commented the central bank has already completed all official procedures to dissolve the board in order to protect the interests of depositors. Within a day or two, Bangladesh Bank will send a letter to implement the decision, they said. Last month the central bank sent a letter to the Bangladesh Securities and Exchange Commission (BSEC) requesting it to provide a list of independent directors such that it could appoint them to replace directors in the non-bank financial institution (NBFI). An official related to Bangladesh Bank said the Bangladesh Securities and Exchange Commission has a panel of independent directors and it had earlier designated some of them in boards of directors of NBFIs which it had dissolved. In addition, the Uttara Finance and Investments is a listed company, which is why the central bank sought suggestions and a list of independent directors for the NBFI. The official said the BSEC has already provided the names to the central bank. On June 23, Central bank removed SM Shamsul Arefin, the managing director of the Uttara Finance and Investments, for his alleged involvement in the financial irregularities. What Happened in Uttara Finance and Investments? The BB carried out a probe in 2020 where it found that irregularities involving Tk 5,100 crore were committed by the board and management of the NBFI. The irregularities were perpetrated during the disbursement of loans and mobilisation of deposits. The bulk of the loans was given to different concerns of the Uttara Group of Industries. The majority of directors of the group also hold directorship at the NBFI. Most of the amount was not even shown in the NBFI's financial statement made public in 2019. For instance, it provided Tk 336 crore in loans to Uttara Motors and other concerns of the Uttara Group of Industries without any credit proposals, breaching banking rules. The BB found that Mujibur Rahman, a director of the NBFI and deputy managing director of different concerns of the group, was the key person behind the financial scams. In August 2020, the lender provided vouchers of term-deposit receipts (TDRs) of Tk 236 crore to Bluechip Securities, the managing director of which is Mujibur. But the vouchers of the TDRs were forged. In reality, the firm did not deposit any money with the NBFI, said the BB report. The NBFI also concealed the actual amount of term deposits mobilised from clients. Its financial statement mentioned that the total amount of term deposits was Tk 1,877 crore as of December 2019. But the BB discovered that the actual amount was Tk 2,603.20 crore. The undisclosed funds of the term deposits to the tune of Tk 726 crore was diverted to other sectors as a part of its effort to help scamsters plunder the money, said the BB probe report. The lender also employed the same tactic in the calculation of the loans disbursed in its financial statement. For instance, the total amount of loans provided by the NBFI was Tk 1,877 crore till December 2019 as per its balance sheet. But the BB found that the actual amount was Tk 3,802 crore. Contacted by The Daily Star yesterday, Matiur Rahman, vice chairman of the NBFI, said the board has not received any directive yet from the central bank about disbanding. "Some officials, including former managing director SM Shamsul Arefin, were involved in siphoning off funds from the non-bank," he said. "The NBFI will file a case against the alleged persons soon," he said. No other board member was involved in any irregularities in the NBFI, he added.  Source: The Daily Star
Motivate people about insurance: PM urges companies
Laying emphasis on massive publicity to motivate people to expand insurance coverage in the country, Prime Minister Sheikh Hasina today (Monday) urged the insurance companies to provide services giving the customers’ interest utmost priority. “Insurance is a service-oriented profession. Both the government and non-government insurance companies have to work with regulatory authority in combine to make it popular and bring the services at people’s doorstep, alongside giving the customer’s interest highest priority,” she said. The premier was addressing the opening ceremony of National Insurance Day-2021 at Bangabandhu International Conference Centre (BICC), joining virtually from her official residence Ganabhaban. She asked the insurance companies to make the people aware of insurance that they will get facilities in their bad times through opening insurance policies. “You [companies] have to conduct more mass campaigns so they (people) become inspired about insurance,” she added. National Insurance Day-2021 is being observed today in the country in a befitting manner with the theme of “Mujib Borsher Ongikar, Bima Hok Sobar”. The great architect of independence, Father of the Nation Bangabandhu Sheikh Mujibur Rahman joined Alpha Insurance Company on March 1, 1960 taking insurance as a profession. To commemorate this day, the government observes National Insurance Day on March 1 every year. On this day, four eminent personalities were given special honors for their significant contribution to the insurance sector. On behalf of Prime Minister Sheikh Hasina, Finance Minister AHM Mustafa Kamal handed over the crest of honors to the recipients, and distributed Bangabandhu Education Insurance to four students. A total of 50,000 students are being given this Bangabandhu Education Insurance. Senior Secretary of Financial Institutions Division Md. Ashadul Islam delivered welcome address at the function with Mustafa Kamal in the chair. Bangladesh Insurance Association President Sheikh Kabir Hossain also spoke on the occasion. At the function, a documentary on the insurance sector was screened. The Prime Minister said insurance would be more important with the expansion of the country’s economy and that’s why the insurance companies should pay more concentration on awareness building among the people. Sheikh Hasina also stressed the necessity of timely payment clearance from the insurance companies, saying that “it has to be ensured that people get insurance money as per their insurance or actual damage.” In the country some people, she said, have the tendency to collect more money from insurance companies through artificial accidents. Although this type of tendency has reduced or stopped at this moment, but the companies should pay heed to it and send skilled and efficient people for inquiry, she added. The Prime Minister referred to the time befitting initiatives of government on insurance through the implementation of National Insurance Policy-2014. She said they have introduced expatriate worker insurance for migrant workers and crop insurance in limited scale for hoar people so they can overcome the damages caused by flood and other natural disasters. “Health insurance needs to be launched on a massive scale in the country. Our people are not well aware but I hope they will become aware after the Covid-19 pandemic,” she continued. The premier extended her gratitude to Insurance Development and Regulatory Authority (IDRA) as it introduced “Bangabandhu Education Insurance”, “Bangabandhu Security Insurance” and “Bangabandhu Sportsmen’s Comprehensive Insurance” on the occasion of Mujib Borsha. Mentioning the Bangabandhu Education Insurance as a great initiative, she said it would ensure the uninterrupted academic life of students in the time of any physical disability or unexpected death of their parents. Briefly highlighting different measures taken by her government for the development of the insurance sector, the Prime Minister said state-of-the-art technology based unified messaging platform has been introduced to protect the interest of insurance customers. Besides, a Taka 632 crore project, financed by both government and World Bank, is being implemented for the automation and capacity strengthening of Bangladesh Insurance Academy, Sadharan Bima Corporation, Jibon Bima Corporation and IDRA, she added. Sheikh Hasina went on saying the government is also sending five students to the United Kingdom for higher education in Actuarial science under a scholarship programme to enhance professional excellence. She said Bangabandhu after independence set up four insurance corporations — Surma, Rupsa, Teesta and Karnaphuli– nationalizing 49 local and foreign insurance companies through issuing Bangladesh Insurance (Nationalization) Order-1972, and also established National Insurance Corporation to regulate these four organizations. Later, he established Jibon Bima Corporation for life insurance and Sadharan Bima Corporation for non-life insurance by scraping the five corporations enacting Insurance Corporation Act-1973 for the development of the country’s insurance sector, she added. The premier said Jibon Bima Corporation and Sadharan Bima Corporation have been still providing insurance services to the people while Bangladesh Insurance Academy was also established by the Father of the Nation. Turning to the Coronavirus situation, she renewed her call to the country’s people to follow the health protection protocols properly and wear facemask even after taking Covid-19 vaccine. Source: BSS AH