IPDC and M&U Motors Enhance Car Ownership

Government debt from the banking system in Bangladesh has surged, with a net borrowing of BDT 38,510 crore recorded by March 10 of the current fiscal year. This marks a significant increase, almost double the amount borrowed in the first seven months of the year. The rise is attributed to factors such as lower revenue collection, unmet loan expectations from savings certificates, and decreased foreign loans.

Bangladesh’s banking sector is burdened with bad loans, reaching a record amount of BDT 345,765 crore by December 2024. To address this, Bangladesh Bank has initiated an affordable housing project, utilizing mortgaged land linked to defaulted loans.

Bangladesh Bank (BB) has restructured the boards of three private commercial banks: NRB Commercial Bank, NRB Bank, and Meghna Bank. The BB removed the existing boards led by Parvez Tamal at NRBC Bank, Mohammed Mahtabur Rahman at NRB Bank, and HN Ashequr Rahman at Meghna Bank.

The Bangladesh interim government has formed a six-member committee to review the 2016 Bangladesh Bank reserve heist, with recommendations due in three months. Headed by law adviser Asif Nazrul, the committee includes members from various sectors, including Ahsan H Mansur, the Bangladesh Bank governor.

The Chittagong Port Authority (CPA) has requested Bangladesh Bank to extend real-time gross settlement (RTGS) operations to a 24/7 basis to facilitate seamless online payments of customs duties and charges by port users.

Bangladesh has registered only 396 electric vehicles (EVs) since allowing registration in 2020, with most being motorcycles (243), followed by 94 hard jeeps, 54 private cars, three microbuses, and one delivery van and auto-rickshaw each.