BSEC suspends Sinha Securities’ operations

BRAC Bank has been awarded the Remittance Award 2024 by the Ministry of Expatriates' Welfare and Overseas Employment for achieving the 4th position in remittance volume among all banks during the fiscal year 2023-24.

The Payment and Settlement System Act, 2024, now in effect, enables Bangladesh Bank to pursue legal action against Nagad Limited over alleged operational irregularities. A gazette notification issued by the Financial Institutions Division formalized the legislation, granting certain clauses retrospective effect from August 12, 2023.

On December 30, Bangladesh Bank extended emergency funds to National Bank, Islami Bank Bangladesh, and AB Bank to address liquidity shortages and support their year-end balance sheets.

The Bangladesh Bank has relaxed the $10,000 foreign currency limit for individuals injured during the July-August mass uprising seeking treatment abroad. Authorized dealers of commercial banks can now release foreign exchange based on medical estimates, with transactions permitted through both traditional banking and international card channels.

Bangladesh Bank (BB) has updated its stress testing guidelines to enhance the banking sector’s resilience by requiring banks to disclose information on both their portfolios and those of their subsidiaries. The revised rules also clarify the roles and responsibilities of senior management and board directors, areas previously lacking clear guidance. Banks must now take preventive actions in adverse economic scenarios and assess risks related to credit, market, operational, and liquidity factors.

Dr. Md. Zahid Hossain has been appointed as the deputy managing director and chief business officer of Mercantile Bank. He previously served as the senior executive vice president and divisional head at Bank Asia, with over 29 years of experience in the banking sector.