As much as 89.3 percent of the credit extended by First Security Islami Bank, when controlled by the major Awami League beneficiary S Alam Group, to AL-affiliated Sikder Group by violating banking rules and regulations has become defaulted.
Problem-ridden Padma Bank has applied to the Bangladesh Bank for Tk 1,300 crore in liquidity support to mitigate its crisis and strengthen its ability to repay depositors.
Defaulted loans at six private commercial banks nearly tripled in one year till September 2024, according to central bank data, which bankers term “alarming”.
State-run Janata Bank has been partly exempted from the Bank Companies Act-1991 so that it can lend money to Beximco Group, a loan defaulter.
Consumer financing has slowed as people are adopting a go-slow strategy for taking loans, considering the increasing trend of interest rates amid ongoing inflationary pressure.
Motijheel is losing its historic lustre as Dhaka’s commercial hub, with Gulshan, among the wealthiest neighbourhoods in the capital, stealing its thunder.
Janata Bank is set to auction the mortgaged assets of Simran Composite Ltd
The Bangladesh Bank overstated the net foreign direct investment data by $5.7 billion between fiscal 2019-20 and 2022-23.
Five crisis-hit banks have obtained a Bangladesh Bank (BB) guarantee to avail liquidity support from the inter-bank money market, according to central bank officials.
The Financial Intelligence Unit (FIU) of Singapore has requested details about the Chattogram-based conglomerate S Alam Group and its owners, including information on their domestic and foreign assets, from Bangladesh’s Financial Intelligence Unit (BFIU).
The overseas assets of S Alam Group, including those in Singapore, came under scrutiny following recent media reports.
Former land minister Saifuzzaman Chowdhury Javed compelled UCB board members to resign and former prime minister Sheikh Hasina was aware of this, according to the lender’s new Chairman Sharif Zahir.
National Bank, Islami Bank Bangladesh and Social Islami Bank have applied to the Bangladesh Bank (BB) for its guarantee to avail a total of Tk 6,800 crore in liquidity support through the inter-bank money market for a period of three months.
The Asian Development Bank (ADB) and the World Bank are expected to provide funds to Bangladesh for banking sector reforms, including strengthening and modernising the central bank.
In the first week of July, the Bangladesh Bank and Islami Bank Bangladesh completed a US dollar-taka trade, a typical mutual currency deal, which was supposed to replenish the central bank’s dwindling forex reserves and provide the cash-strapped Shariah-based lender with some liquidity support.
In the first week of July, the Bangladesh Bank and Islami Bank Bangladesh completed a US dollar-taka trade, a typical mutual currency deal, which was supposed to replenish the central bank’s dwindling forex reserves and provide the cash-strapped Shariah-based lender with some liquidity support.<
Default loans in the banking system surpassed Tk 200,000 crore for the first time, underlining the fragile condition of the sector that fell prey to rampant scams and irregularities under the tenure of the Awami League government over the past 16 years.
Default loans in the banking sector hit an all-time high of Tk 211,000 crore at the end of June of this year, as per the latest Bangladesh Bank data.
