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All branches of bank, NBFI come under BB watch

images Bangladesh Bank on Tuesday ( 8 October 2013) introduced an integrated supervision software to bring all branches of the country’s scheduled banks and non-bank financial institutions under a web-based monitoring system in a bid to check fraudulent act. BB governor Atiur Rahman inaugurated the software at the central bank headquarters in the capital while managing directors and executive officers of some scheduled banks and senior officials of the central bank attended the programme. Under the latest move, the BB will collect the financial statements on monthly basis from all branches of the banks and the NBFIs across the country. At the programme the BB governor said the central bank would impose financial penalty against the banks and the NBFIs which would fail to provide data in due time to the central bank. Before introducing the ISS, the central bank collected data from head offices and authorised dealer branches of the scheduled banks through the web-based network. A BB official told New Age on Tuesday that the central bank would collect the information of key risk indicators of the branches of the banks and the NBFIs through the ISS. The BB will mainly collect the information about the amount of loans disbursed and deposits collected by the branches and their foreign exchange-related data, he said. The software will also integrate other supervision-related software introduced by the central bank, he said. From now on, the BB officials, who work at the headquarters or branches, will be able to observe the financial situation of any branch of a bank or an NBFI in every month, Atiur said at the inauguration programme. ‘As a result, the central bankers will be able to make quick decision on the financial situation of a branch concerned’, he said. The onsite inspectors of the central bank will take help from the ISS before starting their inspection for any branch of the banks and the NBFIs, he said. Under the circumstances, the BB’s monitoring and supervision on the banks and the NBFIs will be strengthened than that of the previous period, the BB governor said. Not only domestic branches but also foreign branches of the scheduled banks and non-bank financial institutions will be included in the web-based supervision system of the central bank, another BB official said. He said the branch-level information of the banks would also be provided to the senior officials of the respective banks through the integrated supervision software on monthly basis. ‘So, senior executives of the banks will not be able to avoid their liability if any embezzlement is detected at their branches,’ he said. Earlier, the BB introduced a foreign exchange transaction monitoring dashboard to check scam in the area. The BB has recently faced huge criticism from different quarters as it failed to unearth a number of scams in due time including the Hallmark Group-Sonali Bank scam. Under the circumstances, the BB has taken a number of initiatives in a bid to improve its supervision system to tackle embezzlement, he said. As part of the move, the BB introduced the integrated supervision software,’ he said. Among others, BB deputy governor Abu Hena Mohd Razee Hassan, Nazneen Sultana, executive director Mohammad Naushad Ali Chowdhury, Pubali Bank managing director Helal Ahmed Chowdhury and United Commercial Bank managing director Muhammed Ali attended the programme. –http://www.newagebd.com/detail.php?date=2013-10-09&nid=68549#.UlTSdtLdei4

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