Bangladesh Bank to Launch Digital Bank soon

Banks are facing a significant increase in provisioning shortfall, reaching Tk 162.98 billion as of March 2023, a surge of over 48% compared to figures from December 2022. The liquidity crunch in the banking industry and forex-market volatility are cited as the primary reasons behind this shortfall, as per banking executives.

Nagad, the fastest-growing mobile financial services (MFS) carrier in Bangladesh, is on track to become a profitable venture by 2025, driven by ongoing investments, technological advancements, customer acquisition, and expanded financial outreach

Banks in Bangladesh saw a significant increase in default loans during the first three months of 2023, with an accumulation of Tk 10,964 crore. Official figures from the Bangladesh Bank revealed that non-performing loans (NPLs) stood at Tk 131,621 crore as of March 31, 2023.

SMAC IT Limited (SIL) has unveiled its latest product innovation, "ProFund," a cutting-edge provident fund management software. The launch ceremony, attended by industry leaders and finance professionals, showcased the software's advanced features and benefits. ProFund is set to revolutionize the management of provident funds for organizations of all sizes. Developed and marketed by SIL, this software incorporates state-of-the-art technology and industry best practices to streamline and enhance the handling of employee provident funds.

One Bank Limited, a private sector lender, has announced its plan to raise Tk500 crore through a private placement of a subordinated bond. The issuance of the bond is aimed at including it in the bank's Tier-II capital.

The Insurance Development and Regulatory Authority (IDRA) has issued a circular granting permission to life insurance companies in Bangladesh to offer comprehensive health insurance policies.