During Ramadan, banking hours is reduced by 30 minutes. Bangladesh Bank said in a new directive that banking transaction will take place between 9:30 am to 2:30 pm.  Bangladesh Bank on Tuesday (March 5) has fixed office hours for banking transactions during Ramadan. According to the Bangladesh Bank, banks will remain open from 9:30 am to 4:00 pm. There will be a break for prayers from 1:15 pm to 1:30 pm in the office timing during Ramadan. However, transactions should be continued in alternative systems at this time. The usual working and transaction schedule will resume  to the previous state at the banks and financial institutions after the holy month of Ramadan.

Indian Finance and Corporate Affairs Minister, Nirmala Sitharaman, Tuesday handed over sanction letters amounting to Rs 306 crore to 145 beneficiaries of different banks and credit linked schemes like Pradhan Mantri Employment Generation Programme (PMEGP), and MUDRA Scheme. She also announced new initiatives for J&K, including the launch of Tejaswini and Hausla schemes, Shikhar and Shikara schemes of Punjab National Bank (PNB), and SIDBI’s Rs 200 cr Cluster Development Fund. Finance Minister Nirmala Sitharaman and Lieutenant Governor Manoj Sinha Tuesday attended the Credit Outreach programme and other events organised by Banker’s Committee of J&K. Under Punjab National Bank's (PNB's) special scheme 'Shikara', credit up to Rs 15 lakh will be provided for purchase/repair of Shikaras and houseboats. The Shikhara scheme focuses on meeting credit requirements up to Rs two crore for the Hotel, Tour & Tourism industry. JKTPO’s Hausla Scheme will empower existing women entrepreneurs to be role models in their respective sectors by providing skill development, as well as credit support, marketing support & mentorship. Under Tejaswini Scheme, financial assistance up to Rs five lakh to be given to young women for setting up self employment ventures. "I will ensure that more bank activities take place in J&K and more Public Sector Banks come here in all the districts so that every person has access to banking facilities," said Finance Minister. "Projects that have been waiting a long time are getting rapidly implemented, sections of society that have never had any assistance from the government are getting it and genuine businesses are also being provided credit," she said. The Lt Governor highlighted the vital role of credit outreach programmes and smart lending in enabling the government policies to reach everyone. NABARD in FY 2020-21 is increasing its commitment under Rural Infrastructure Development Fund (RIDF) from Rs 787 crore to Rs 1,500 crore for creation of rural infrastructure in J&K. Source: India Blooms

The government has extended the tenure of ongoing lockdown or restrictions up to June 16 to combat the coronavirus situation in the country. The cabinet division has issued notification in this regard on Sunday. So far the timing was fixed for banking transaction from 10 am to 2 pm during the corona period. As the lockdown has been extended so the banking hour also is extended. From June 7 to June 16 the transaction time for the banks has been fixed from 10 am to 3 pm except the weekly and government holidays. For the internal work of the banks those will be kept open till 4:30 pm. The directions will be effective till June 16. A notice was sent to the Managing Director and Chief Executive Officer of all commercial banks On Sunday signed by Bangladesh Bank off-site supervision division General Manager Anwarul Islam. AH 

To prevent coronavirus transmission in the country the timing for banking transactions was fixed from 10 am to 2:30 pm. As the corona situation has improved a little, so the transaction period has been extended till 3 pm. The direction was issued by the central bank on Sunday. The new banking transaction timing across the country will be effective from tomorrow (Monday). As the government has extended the tenure of restrictions till June 6, so the timing (10 am to 3 pm) will be effective till then. All the banks will be open till 4:30 pm for its internal activities. The directions will be unchanged as per the DOS circular letter number 15 issued on April 13 by Bangladesh Bank. One branch of each bank will remain open on Thursday, Sunday and Tuesday at the upazila level. In the city corporation areas one branch of every certain bank within two kilometers area will remain open on every workdays. 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    

Transparency International of Bangladesh (TIB) on Thursday recommended formation of an independent and neutral commission for the reform of banking sector ‘riddled with corruption and irregularities’. Citing the decision of forming a banking commission as a positive move, TIB Executive Director Dr Iftekharuzzaman, in a press release, said the formation of a commission under Bangladesh Bank will be pointless. “According to media reports, the government is going to form a commission under Bangladesh Bank for the banking sector reform. This is a positive move but forming a commission under Bangladesh Bank will be meaningless…,” he said adding that the central bank failed to play an effective role as the regulator of the banking sector which is on ‘the verge of extinction’. If the commission is formed under Bangladesh Bank, it will create conflict of interests and hamper the objective, he added. The TIB executive director urged the government to form an independent commission with renowned and acceptable experts in banking sectors who will place short-, middle- and long-term recommendations for the sector staying above all influences.  “We strongly believe that the government will realize the importance of the situation and form a neutral and independent commission as soon as possible,” he added. Source: UNB AH

The transaction through Mobile Financial Service (MFS) has been declared suspended for temporary period centering the eleventh general election. The direction came through a circular of Bangladesh Bank on Thursday. It is said in the circular, according to the direction of Election Commission order is being given to all the Mobile Financial Service provider agencies to stop all kinds of transaction through Mobile Financial Services from 5 pm of December 28, 2018 to 5 pm of December 30, 2018. That means in these three days or for 48 hours nobody can withdraw or deposit money through any kind of mobile banking like Bkash and Rocket services. But it is also said in the circular, Mobile Financial Service can be made operational keeping limited option for transaction up to 5 thousand taka per day from personal account from 5 pm of December 29, 2018 to 5 pm of December 30, 2018. Under this circumstance, Mobile Financial Service providing banks and subsidiaries are suggested to take necessary action in this regard and to inform all including the subscribers. AH     

Today (December 27) was the last working day for banking transaction in this year. Banks were also scheduled to finalize their final account of the year 2018. There will be no opportunity for transaction in the last four days of the year due to weekly holidays, eleventh national parliament election and bank holiday. From December 28 to 31 subscribers will not be able to make any transaction from the country’s banks. That means they will not be able to do any transaction in this year. But in emergency cases they can withdraw money from booths of the banks. Two days before the Election Day that means December 28 and 29 (Friday and Saturday) are weekly holidays. Bank holiday will be observed on December 31, the day after the Election Day. Transaction cannot be made on this day. So from December 28 to December 31, in these four days no transaction can be made in the banks throughout the country. In this regard a direction was issued from Bangladesh Bank’s ‘Department of Offsite Supervision’ to the Managing Directors and Chief Executives of all commercial banks. There it was mentioned that Bank Holiday will be unchanged as usual. Earlier general holiday was declared on the voting day (December 30).    AH      

In the month of Ramadan the banks will remain open from 9:30 am to 4 pm and of the period for subscriber transaction will take place till 2:30 pm. The information came through Bangladesh Bank source on Monday. Mentioning time schedule for office activities and transaction for the month of Ramadan Bangladesh Bank in a notification said, office hours will proceed from 9:30 am to 4 pm from Sunday to Thursday and transaction hour will proceed from 9:30 am to 2:30 pm. In the interim from 1:15 pm to 1:30 pm there will be interval for Johr prayer. But transaction will continue through internal coordination. The circular also said that banking timing will come to the previous schedule after completion of Ramadan. Earlier, the office timing for government offices was fixed from 9:30 am to 3:30 pm in the month of Ramadan. AH