BB appoints observer in Farmers Bank

Bangladesh Bank (BB) has appointed an observer in the board of Farmers Bank in a bid to improve the health of the newly established bank.

The central bank issued an order today saying that ANM Abul Kashem, general manager of BB’s foreign exchange investment department, has been made observer in the bank.

Earlier, BB in its inspection report detected gross violation of banking rules in sanctioning and disbursing loans. The bank also hid defaulted loans.