Lockdown for the second consecutive day is going on. All banks to remain open from today (April 15). Banking transaction will continue from 10 am to 1 pm. And to complete other activities banks will be open till 2:30 pm. The decision was delivered by Bangladesh Bank after holding emergency meeting on Tuesday. So in the lockdown period banks will remain open in a limited scale except the government holidays. The Bangladesh Bank direction said, branches of the banks will remain open with one day interval after one day. Upazila level branches will run in this way. Sadar branch in the districts will remain open. The foreign trading branches will remain open in a regular basis. Mentionable, to prevent coronavirus transmission the government has imposed strict restrictions for eight days starting from April 14. At that time it was decided that financial institutions will remain closed. On April 12 in a notification Bangladesh Bank also ordered to close the banks for one week. It also informed that the banks based on the ports of the country will remain open in the lockdown period. Later in another order the Bangladesh Bank announced that banks will remain open. AH

All banks of the country will remain closed in the complete lockdown starting from April 14 to April 21 to prevent further transmission of coronavirus. In this period all the branches of banks along with financial service providing sub-branches, booth banking, agent banking services will remain stop. But ATM, internet banking and other online services will remain operational. Bangladesh Bank informed about the decisions today. But in this period branches of the banks situated at sea, land and air port areas can be made open to perform export-import activities. As well as branches which make transaction in foreign exchange for the exporters can be made open for particular day. But Bangladesh Bank will not give direction for keeping branches open. In this regard Sirajul Islam, spokesperson for Bangladesh Bank said, all branches will remain closed. Branches can be kept open according to the demand for export and import activities. In this regard health guidelines have to be maintained strictly. AH     

Change has been brought for the limited banking time by Bangladesh Bank to prevent coronavirus transmission in the country. Bangladesh Bank in a notification published on Sunday said that banking hour will continue four days a week from 10 am to 12:30 pm. It said that on Monday and Tuesday banking transaction will continue till 1 pm starting from 10 am. The banks will remain open till 3 pm for post transaction activities. The central bank has taken the decision on the pretext of different restrictions taken by the government to prevent coronavirus transmission. Besides, other previous decisions will be effective. In the earlier notification it was said that branches can be run by 50 per cent staffs and all types of transaction will remain operational. The central bank said that deposit and withdrawal facilities are operational, banks can open one branch in two square kilometers area if there are more branches. But the branch where foreign exchange is transacted will be out of this purpose. It said, evening banking and banking during weekly holiday will remain shut. Besides, certain banks will take decision about their agent banking activities. In this period directions were given to keep online banking activities operational round the clock and for keeping adequate cash in the ATM booths. AH    

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

One of the eminent industrialists of the country Alhaj Morshed Alam, MP has been elected Chairman of National Life Insurance Company Limited. He was elected the Chairman unanimously at the 259th board meeting of the company on Sunday. Alhaj Morshed Alam is the founder Chairman of Bengal Group of Industries and also the Director and Chairman of Mercantile Bank Limited. He was elected as a Member of Parliament from Noakhali-2 (Senbag-Sonaimuri) constituency in the 10th and 11th parliament elections. Besides, he is the Chairman of private television channel Rtv and also performing his responsibility as the Trustee of Peoples University of Bangladesh. He is also associated with bank, insurance, financial service, media, holdings, construction, hotel and resorts and export oriented businesses. Alhaj Morshed Alam devotes his works with social service, education, health and social development. He established Morshed Alam High School at Nateshwar in Noakhali. Besides, he is one of the benefactors of Motijheel Ideal School and College, Dhaka; Bajra High School of Noakhali and Kazi Nagar Madrasa. AH    

Bangladesh Bank has brought another relaxation in repayment of loans by allowing the borrowers to make their due payments to financial institutions in more installments considering the Covid-19 effects. A Bangladesh Bank circular, issued by Department of Financial Institutions and Markets (DFIM), said the financial institutions can rearrange the numbers of installments for the short and long term borrowers who are unable to pay the due installments between January 1 and December 31 against their loans, lease and advances. The financial institutions can reset both the number and amount of installments considering them as “deferred” payments. The number of installments could be increased in the same ratio as those are due from December to January 2020, said the BB circular . The existing policy in this regard will remain unchanged and the financial institutions will refrain from imposing any extra fee, charges or penalty on borrowers in calculating their interest or profits, the circular said. Earlier, the Bangladesh Bank on September 29 in a circular had extended its relaxed conditions for loan repayment till December 31 taking into consideration the impacts of coronavirus on the country’s trade and business. As per that circular, classification of loan will not be changed between January 1 and December 31 this year even if anyone fails to pay back the loan as per the schedule. It is assumed that many loan recipients may not be able to repay their loans as per the schedule, said the central bank said while issuing the previous circular. Meanwhile, the Bangladesh Bank in another circular extended the timeframe by one month until November 30 to achieve the loan distribution targets for banks under the economic stimulus package declared by the Prime Minister for the cottage, micro, small and medium enterprise (CMSME) to offset the effects of Covid-19.  The circular, issued by SME and Special Programmes Department, said that it was found in the analysis of information that some banks and financial institutions have failed to achieve the targets of implementing the Prime Minister’s announced Tk 20,000 crore loan package by the deadline of October 31.   The deadline of the loan distribution has been further extended until November 30 from October 31 to properly implement the stimulus package for the CMSME by banks and financial institutions, said he BB circular.    Source: UNB AH

Banks will remain open from 10am to 3pm during the general holidays from April 5 to April 9 declared by the government to contain the spread of deadly coronavirus. “Banks will remain open from 10am to 3pm during the government-extended general holidays while the transaction will be made between 10am and 1pm,” said a Bangladesh Bank (BB) circular issued in Dhaka on Thursday. During the general holidays, banks will provide services – deposit and withdrawal through cash or cheque, DD or Pay Order and Treasury Challan. Banks will also ensure other transaction facilities under the payment system or clearing arrangement of the Bangladesh Bank. The government on Wednesday issued an order, extending the holiday for all public and private offices from April 5 to April 11, including weekly holiday. The government earlier on March 23 declared a nationwide 10-day holiday shutting down the government and private offices excepting essential and healthcare facilities while it was due to expire on April 4. Source: BSS AH