Conda Art Materials Faces Tk18 Crore Fine

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.

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.

Bangladesh Bank has aligned its recruitment policy with a recent government ordinance, raising the maximum age limit for entering jobs at non-bank financial institutions (NBFIs) to 32. Previously, the age limit for such positions was 30. This change comes after the Ministry of Law, Justice, and Parliamentary Affairs issued an ordinance extending the age limit for direct recruitment in government jobs and related institutions, including autonomous, semi-autonomous bodies, and public corporations, to 32 years.

Karnaphuli Paper Mill (KPM) in Kaptai, once a profitable venture, has faced losses since FY09 due to outdated machinery, mismanagement, and corruption. Production has dropped to 2,000-6,000 tonnes annually, with Tk45 crore in yearly losses. A Tk36,000 crore revival plan aims to restore operations and establish six new plants, including a chemical facility and a synthetic polyester fiber unit.

Bangladesh Bank has issued the "Special Regulations, 2024," allowing local banks to appoint international consulting firms to conduct comprehensive, risk-based assessments of their financial health.