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NRBC Bank opens Takerhat branch in Madaripur
NRBC Bank inaugurated its Takerhat branch in Madaripur Wednesday.
Former shipping minister Shajahan Khan MP inaugurated the 96th branch of the bank as chief guest, according to a media statement.
AKM Mustafizur Rahman, director and chairman of the Risk Management Committee of the bank, presided over the opening ceremony, it added.
Read more: NRBC gets nod to raise Tk500 crore through bonds
NRBC is an endeavour of a group of non-resident Bangladeshis. The focus of the bank is to "spread the network of financial inclusion to the marginal unbanked population to expedite economic progress."
Nagad wins UK-based Global Brand Award 2022
Nagad, a mobile financial service provider of Bangladesh Postal Department, has been named the “Best Innovative Digital Financial Service Brand” at the 10th Global Brand Awards 2022 held recently in Dubai.
Tanvir A Mishuk, founder and managing director of Nagad, has bagged the “Fintech Personality of the Year 2022” award, says a press release on Wednesday.
Read more: Nagad declares charge-free services for police
Every year, the UK-based Global Brands Magazine recognises and rewards top companies across the globe for their exceptional performances in different fields, such as economy, education, lifestyle, innovation, technology, and real estate.
Nagad’s success demonstrates its commitment to innovations and to offer products and services tailored to customer needs, said the release.
Nagad has become one of the top mobile money operators in Bangladesh only in three and half years, thanks to its enviable success in bringing unbanked people into the fold of financial inclusion at a faster pace through its customer-friendly, easy and affordable services, it said.
The company has revolutionised the country’s MFS industry, especially by innovating the digital Know Your Customer (KYC) and so far, onboarded more than 6.5 crore customers.
Read more: Nagad offers up to Tk200 bonus on 'add money' from Mastercard
The state-owned MFS provider is also playing a part in the country’s socioeconomic development as it disburses different safety allowances and education stipends at a nominal charge.
The award ceremony was held at the Palm Jumeirah in Dubai on 10 December. Faisal Chowdhury, one of the directors of Nagad, and Samia Sharmin, senior manager of Corporate Communications Department, received the awards on behalf of Nagad at the event.
Earlier, Nagad won the Best Innovation Digital Financial Service Award for the first e-KYC Innovation in Bangladesh, Inclusive Fintech Fifty Award, Best Digital Financial Service Provider Award, WITSA Global Excellence Award, Digital Bangladesh Award, E-Commerce Mover Award, Best Marketing Communication Award and more.
Sameer Sattar to lead DCCI as President for 2023
Md Sameer Sattar, head of Sattar&Co, has been elected the President of Dhaka Chamber of Commerce & Industry (DCCI) for the year 2023.
Besides, SM Golam Faruk Alamgir (Arman) has been elected the Senior Vice President and Md Junayed Ibna Ali the Vice President.
The new Board of Directors took over charge at the 61st Annual General Meeting (AGM) of DCCI held in its Auditorium on Wednesday.
The newly elected Directors are Engr M A Wahab, Razeev H Chowdhury, Taskeen Ahmed, M Shafiqul Alam, FCA, Kamrul Hasan Tuhin and M Mosharrof Hossain.
The newly elected President of DCCI Md Sameer Sattar is the Head of Sattar&Co, a legal consultancy firm in Bangladesh.
Sattar&Co is one of the leading firms in Bangladesh and advises purely on corporate and commercial law matters, dealing with local and foreign investments.
Read more: Turkiye-Bangladesh trade, investment to see high prospect in future: DCCI
In Bangladesh, Sattar’s consultancy and advisory roles primarily involve, inter alia, strategic advice on matters involving company laws, corporate governance, banking and securities laws, joint ventures, mergers and acquisitions. He also provides transactional and regulatory advice in the media, communications, and technology sectors.
During his time in London, Sattar worked in several leading international law firms focusing on commercial/business disputes and international arbitration. He has worked on commercial arbitrations conducted in all major venues around the world arising out of a broad range of transactions including foreign investment, public concessions, energy, natural resources, mining and exploration, banking and financial services, international trade, construction and shareholder disputes.
Sattar is a Barrister and an Advocate of the Supreme Court of Bangladesh. He is ranked and recognized by Chambers & Partners: Asia Pacific and The Legal 500 as one of the leading corporate lawyers in Bangladesh.
He was chosen and featured in the prestigious Asian Legal Business (a Thomson Reuters publication) 40 under 40 list for the year 2020, as the first-ever and sole entrant from Bangladesh.
In 2022, he has also been commended as one of the top 50 lawyers in Bangladesh in the A-List: Bangladesh’s Top Lawyers, awarded by the Asia Business Law Journal.
Read more: DCCI underscores promotional campaigns in Turkiye to attract FDI
He was also nominated and chosen by the US Government and the European Union for their Leadership Programmes. The Government of Bangladesh had also designated him to the World Bank’s Panel of Arbitrators and Conciliators. Barrister Sattar is the author of many publications in the commercial and business law sector.
Newly elected Senior Vice President SM Golam Faruk Alamgir (Arman) is the Managing Director of BDCOM Online Ltd. His Company is involved in ISP, Data Communication, Vehicle Tracking and Fleet Management, IP Telephony, Software Development and Managed Services for the last 20 years. He is the founding Member of Vehicle Tracking Service Providers Association of Bangladesh.
Newly elected Vice President Md Junaed Ibna Ali is the Chairman of Hitech Steel & Plastic Industries (Pvt.) Ltd, Chairman of Zaber Steel, Proprietor of JN Corporation and Trade Land International.
India is Bangladesh’s great friend and business partner: Commerce Minister
Commerce Minister Tipu Munshi said India is Bangladesh’s great friend and business partner.
He hopes that bilateral trade with India will increase significantly between the countries if some measures would be taken to make easy trade.
Read more: E-commerce has a billion-dollar prospect in Bangladesh: Tipu Munshi
Tipu Munshi said this during a views exchange with Pranay Verma, the newly appointed High Commissioner of India in Dhaka, in his office at the Bangladesh Secretariat on Tuesday.
Bangladesh is now able to supply international quality products at relatively low prices. For this reason, it is necessary to increase the capacity of the land ports on the India-Bangladesh border and complexity needs to be removed to increase trade, the commerce minister said.
The commerce minister said that the border huts have created a lot of interest among the people of both countries. People of the seven sister states of India have benefited. This makes the people of both countries happy.
Read more: Minimum or zero LC margin for imports of daily commodities for Ramadan, says Tipu Munshi
“If visa issuance becomes easier, people's movement will increase. It will benefit the people of both countries. Bangladesh is interested in increasing the export of products to the Indian market, for which the Indian government needs sincere cooperation,” he said.
In response India's newly appointed High Commissioner Pranay Verma said Bangladesh is a good friend of India. The Indian government has always given more importance to Bangladesh.
“India's business, trade, and cooperation with Bangladesh have increased a lot. The communication system has improved. Along with air, road, and sea connectivity has improved. Bangladesh's communication with India's bordering states has become easier,” he added.
As a result, trade between the two countries has increased. Both countries have benefited due to the transportation of goods through containers by rail. The people of both countries have benefited from the establishment of the road as well as train connectivity, Verma said.
Foodpanda wins national Digital Bangladesh Award 2022
Foodpanda has won this national Digital Bangladesh Award in the institutional category for its contribution in facilitating the digital transformation of the country and enabling income opportunities for thousands of youths.
The award was handed over to Syeda Ambareen Reza, Co-founder and MD and Zubair B A Siddiky, Co-founder and CEO of foodpanda Bangladesh by Prime Minister Sheikh Hasina recently at “Digital Bangladesh Award 2022” event at BICC, which was well attended by ministers, parliament members, senior secretaries and industry leaders.
Read more: Foodpanda launches 'pandapro' subscription in Bangladesh
The event was chaired by State Minister of Information and Communication Technology Division Zunaid Ahmed Palak.
The e-commerce company started its journey in Bangladesh in 2013 and has been successful in creating a strong digital ecosystem with many stakeholders. Foodpanda is the leading marketplace that connects restaurants and shops with customers and delivery partners. It enables SME and large restaurant partners, shops and home chefs to have a digital footprint without the risks of high investments, said a press release.
The restaurant industry has flourished in the last seven years, bolstered by the marketplace that the platform has cultivated. Customers are benefited by having food, groceries, medicine and more delivered right to their doorsteps within 30 minutes.
Freelance rider partners are presented with an opportunity to earn a livelihood in a flexible way along with access to key benefits such as insurance, training, loan and online education.
With a presence in 64 districts across the country, foodpanda has expanded business units and created over one million direct and indirect earning opportunities in the tech-based delivery ecosystem.
Read more: Foodpanda offers special discount on corporate vouchers
Alongside, foodpanda, over the years, has also taken numerous initiatives to foster the growth of women entrepreneurs. The Homechef program has more than 3000 home chefs currently active on the platform, of which 70 percent are women. Beside working on seven SDG goals, the platform has taken many initiatives to minimize food wastage in partnership with several NGOs including Bidyanondo Foundation.
Ambareen Reza, Co-founder and MD and Zubair B A Siddiky, Co-founder and CEO of foodpanda Bangladesh thanked Prime Minister Sheikh Hasina, State Minister for ICT Zunaid Ahmed Palak, and the organizers for recognising the company’s efforts to facilitate digital inclusion and empowering the youth and SMEs.
Upon winning the award, Co-founder and CEO, Zubair B A Siddiky said, “Foodpanda is at the forefront of building a digital ecosystem. We are committed to continue our contributions in building a digitally inclusive Bangladesh while empowering the youth with income opportunities and supporting the digitization of restaurants, shops, SMEs and home chefs with a marketplace to access millions of customers. I believe this industry holds immense possibility to become a significant part of the country’s continuous economic growth and build a ‘Smart Bangladesh’ by 2041.”
BAT Bangladesh scoops up ACES Awards 2022 as 'top sustainability advocate'
British American Tobacco Bangladesh (BAT Bangladesh) has won the Asia Corporate Excellence and Sustainability (ACES) Awards 2022 as a "top sustainability advocate."
The company has been honoured for its contributions to environment, social and governance (ESG) practices.
Since its investiture in 2014, the ACES Awards, initiated by the MORS Group, has grown to become "one of the most sought-after accolades in Asia."
Read: BAT Bangladesh chairman Golam Mainuddin gets lifetime service award
In honouring the ingenious innovation, capabilities and resilience of the industry trailblazers, ACES has specially handpicked the creme de la creme corporations as the award recipients for its ninth edition.
All award recipients fulfilled a stringent evaluation and judging process spanning over nine months which required various documentation submissions and finalist interviews.
"As a sustainability champion, BAT Bangladesh has demonstrated how the implementation of long-term sustainability strategies allows businesses to capture opportunities and shape their post-pandemic future, where survival alone is not enough." Shanggari B, CEO of MORS Group, said in a statement.
Read: BAT Bangladesh scoops up ‘ICMAB Best Corporate Award’ for sixth time
BAT Bangladesh Managing Director Shehzad Munim said: "It fills us with immense pride to have won this global award for two consecutive years. Such recognition exemplifies our dedication to collaborating with communities and stakeholders to create a better tomorrow."
"For 112 years, BAT Bangladesh has prioritised sustainability in its operations. Unnecessary single-use plastic elimination, zero-waste-to-landfill, water recycling, and carbon neutrality are the company's ESG goals. By 2030, the company aims to have carbon-neutral operations with 100 percent renewable electricity and net-zero emissions across its value chain by 2050," according to a statement.
Bangladesh recognises the severity of the water crisis and acknowledges its responsibility in ensuring good water governance across all levels of the organisation.
Read More: Islami Bank scoops up ICMAB Best Corporate Award
In 2022, BAT Bangladesh became the first company in the country to receive Alliance for Water Stewardship (AWS) core certification for its Dhaka factory and Green Leaf threshing plant in Kushtia.
The company said it has educated farmers on sustainable agricultural methods to improve soil fertility, preserve water, and minimise pollution. Under its ESG endeavour, the nation's largest private sector-driven afforestation programme has provided beneficiaries with 120 million free saplings.
Loans won’t be considered ‘at risk of default’ if 50% instalment paid by Dec: Bangladesh Bank
Bangladesh Bank has allowed deferred payment, half of the instalment of the term loan (industrial loan) for the last quarter (October-December) of this year – to reduce classified loan volume.
A classified loan is a bank loan that is at risk of default.
The central bank gave the privilege to facilitate big borrowers. Nothing has been said regarding small and individual borrowers in the circular, though the income of small borrowers decreased due to the impact of Russia-Ukraine war and domestic inflation.
The Banking Regulation and Policy Department (BRPD) of Bangladesh Bank issued a circular regarding “debt classification” today and sent it to the top executives of banks for immediate execution.
Read: Mobile financial service providers can bring remittance directly: Bangladesh Bank
The circular stated that if half of the loan instalments (50 percent) are paid by December, of the last quarter of this year, the loans would not be marked as “classified”. Earlier, minimum 75 percent of a loan instalment had to be paid to avoid being declared “classified”.
“Due to the prolonged Russia-Ukraine war situation, its long-term negative effects have increased the cost of production in the industrial sector. As a result, the real income of the borrowers has decreased,” the circular mentioned.
For this reason and in order to keep the economic activities of the country dynamic and to make it easier for the borrowers to pay the loan instalments, the central bank has relaxed loan repayment.
The instalments or unpaid portion of the instalments due from April to December, 2022 of the term loans will be payable in equal instalments (monthly and quarterly) within 1 year after the expiry of the predetermined period of the existing loan, the circular stated.
However, on the basis of the banker-customer relationship, instalments can be rescheduled and collected as per the new schedule, taking into consideration the remaining tenure and extended 1 year period.
Besides, other instructions of earlier circulars in this regard will remain unchanged.
Read: Bangladesh Bank forms Tk 5000cr refinance scheme to ensure food security
At present, the record amount of defaulted loans in the banking sector has increased to more than Tk 1.34 lakh crore, which is 9.36 percent of the total debt. This is the highest number of defaulted loans so far in the country.
According to Bangladesh Bank, the total debt status of the banking sector at the end of September 2022 stood at Tk 14.36 lakh crore.
In the second quarter i.e. at the end of June this year, the total disbursed loan of the banking sector was Tk 13.99 lakh crores. Out of this, the default amount was Tk 1.25 lakh crore, which is 8.96 percent of the total disbursed loans.
In the three months from July to September, defaulted loans increased by Tk 9,139 crore.
BGMEA, Oerlikon discuss collaboration on capacity building in manmade fibre, recycling
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and Oerlikon have discussed collaboration in supporting garment factories to build up their capacity in manufacturing high-end products made of manmade fibre.
Oerlikon is a leading high-tech industrial group specialising in textile and recycling machinery and technologies, and a supplier of manmade fibre filament in the world.
Read more: BGMEA wants faster, simplified services from custom houses
BGMEA and Oerlikon also talked about the market potential of using polyester, nylon and polypropylene yarns in producing value-added apparel in Bangladesh.
The meeting focused on collaboration to enhance the capacity of recycling textile waste in Bangladesh to make the country a global hub of recycling too.
Markus Reichwein, technology head of product management at Oerlikon Barmag, and Sudipto Mandol, manager (sales and marketing) at Oerlikon Textile India, called on BGMEA President Faruque Hassan in Dhaka Saturday.R
Read more: BGMEA, Recover discuss collaboration to turn Bangladesh into global recycling hub
Faruque said: "Bangladesh has aimed to pursue a higher growth vision through diversifying textile material from cotton to non-cotton as the demand for those goods were growing all over the world due to their durability, sustainability and functionality."
"Also, Bangladeshi garments factories are increasingly investing in scaling up their capabilities in manufacturing high-end apparel and capturing and reusing textile waste."
BGMEA directors Arshad Jamal, Asif Ashraf, Tanvir Ahmed, Barrister Vidiya Amrit Khan, Mijanur Rahman, and Neela Hosna Ara were also present at the meeting.
Nagad offers up to Tk200 bonus on 'add money' from Mastercard
Mobile financial services (MFS) provider Nagad has brought a bonus offer of up to Tk200 on "add money" from Mastercard.
A customer will get a bonus of Tk60 for adding Tk3,000 and Tk140 for TK7,000. A customer can avail of the offer only once during the campaign, according to a media statement.
The campaign will continue till January 9, 2023, it added.
Read: Nagad is a Digital Bangladesh success story: Mustafa Jabbar
Nagad Chief Business Officer Sheikh Aminur Rahman said: "Customers do not have to wait in long queues in banks thanks to Nagad's add-money feature."
"We are making digital transactions more powerful and familiar," he added.
RFL opens bicycle factory in Rangpur
To meet the growing demand for bicycles locally and internationally, RFL Group opened another factory at Gangachara in Rangpur on Thursday.
Commerce Minister Tipu Munshi inaugurated the bicycle factory Thursday.
Apart from manufacturing bicycles, the factory will manufacture frames, forks, tires, tubes, and some other bicycle components. The factory has received an investment of around Tk60 crore and will employ around 1,000 people.
Read: ADB delegation visits Pran-RFL Industrial Park
RFL has been manufacturing and marketing bicycles since 2014. The first bicycle factory of RFL is located at Shayestaganj in Habiganj. The factory now has an annual production capacity of eight lakh pieces of bicycles.
The company said its bicycles are now exported to 15 countries, including England, the Netherlands, Denmark, Germany, Austria and Belgium.
Read: RFL brings Mini Cooper Car toy for children
Ahsan Khan Chowdhury, chairman and CEO of Pran-RFL Group, said: "All the bicycles for the local market will be manufactured from this factory. The factory's annual production capacity will be six lakh pieces once it is fully operational."