United News of Bangladesh

National Board of Revenue (NBR) Chairman Md Abdur Rahman Khan on Monday said the government has pledged to phase out tax exemptions unless they are deemed absolutely necessary for the country. “We are going out from the tax exemption culture, we have scrapped existing tax exemptions, we will not give any tax exemption freshly, we have taken a vow, we have prepared a policy that we will not give any tax exemption,” he said. He made the remarks while addressing a pre-budget meeting at the NBR conference room at the Revenue Building. Representatives from financial institutions including banks, insurance firms, leasing and merchant banks, the Bangladesh Securities Exchange Commission (BSEC), Dhaka Stock Exchange (DSE), Chittagong Stock Exchange (CSE), and DSE Brokers’ Association, attended the meeting to present their budget proposals. Expressing dissatisfaction over repeated requests for tax exemptions, the NBR chief questioned the rationale behind seeking such benefits before setting up any entity. “The first demand is tax holiday, why? This attitude has to be change, otherwise nothing will happen. Every place there is one demand- tax holiday, we do not want to live with this tax exemption culture anymore,” he said. Tracking system to alert NBR of inefficiencies, irregularities among staff He said past tax exemptions have not yielded expected results. “We did not get any positive result wherever we gave this tax exemption,” he added. He said the government in the past time nurtured the tax exemption culture and currently the country is paying badly for that. “For that purpose, the tax GDP ratio is not increasing in the country, one analysis said that Bangladesh is losing the same amount of money what it collects as revenue due to the tax exemption, we do not want to bear this bad name anymore,” he said. Talking about the present condition of the capital market of Bangladesh, Md Abdur Rahman Khan said that the basic problem is the lack of good governance in the capital market. He mentioned that no country in the world could develop industrialisation without developing the capital market. “Bangladesh will not be able to do that also, but we have ruined this place through various means, still we are depending on the banking sector for the source of money for industrialisation,” he said. He blamed the regulators for the lack of confidence of the investors in the capital market. NBR to digitise its activities under master plan He said that business people used to take loans from the banks for setting up their industries but they are not interested to go to the capital market to raise funds. “Why they are not coming to the capital market, I do not know that,” he added. He also said that taking money from the banking sector is loan while raising fund from the capital market is “absolutely free money”. “You do not need to return that money, if you take money from the bank you have to start repaying just after one year, but you will need five years to set up the industry, to reach the break-even point you will need 20 years, them how you will do your business taking money from banks,” he said.

Bangladesh Bank has introduced a significant policy change to enhance business growth and employment in the Cottage, Micro, Small, and Medium Enterprises (CMSME) sector. Under the new policy, the central bank has mandated that 27 percent of loans be allocated to the CMSME sector for the next five years.  This initiative was announced during a press conference held at Bangladesh Bank’s headquarters in Motijheel on Monday. Stock Market: Dhaka sees decline, Chattogram experiences growth Mustafizur Rahman, Executive Director of Bangladesh Bank; Noushad Mustafa, Director of the SME Department; and Habibur Rahman, Assistant Spokesperson, were present at the press conference. As part of the new policy, people involved in f-commerce and e-commerce will be eligible for loans of up to Tk 5 lakh under the CMSME scheme. The revised master circular also outlines that small traders without trade licenses will be eligible for loans. Accounts above Tk1.0 crore up by 4,954 in December quarter Besides, the definition of women entrepreneurs has been updated in the new policy. A company will now be considered a woman-led business if the woman holds at least 20 percent ownership and 51 percent of its employees are women. Earlier, the threshold for ownership was 51 percent. Besides, banks are required to establish separate departments to manage CMSME loans and assess the risks associated with them. Bangladesh Bank reconstitutes boards of three private banks  

Mobile financial service provider bKash is facilitating Eid shopping through Facebook live sessions, allowing customers to purchase from top brands at discounted prices. During these live sessions on bKash's official Facebook page, "bKash for Business," and participating merchant pages, customers can avail up to Tk 500 in discounts or cashback on purchases from brands such as Le Reve, SaRa Lifestyle, Sailor, Raw Nation, Fabrilife, and Shelai, said a press release. Customers can place orders directly from merchants’ Facebook pages or websites and get discounts by using the "R1" coupon while making payments via bKash. As part of the campaign, daily live sessions feature popular hosts showcasing the Eid collections of renowned brands. Additionally, customers can win gifts by sharing the live sessions on social media. The person with the highest number of shares receives a special gift from the merchant, with winners announced during the sessions. Shoppers can also avail special discounts by showing a screenshot of their shared live session at selected merchant outlets.

Leading Bangladeshi light engineering companies have participated in the premier international consumer electronics exhibition, Comex Singapore 2025. The event took place from March 13-16, at the Suntec Singapore Convention and Exhibition Centre, Singapore. Bangladesh was represented under the title “Meet Bangladesh” to promote the light engineering sector. The companies from Bangladesh's light engineering sector that attended include Laxfo, Bogura Motors, Lumen, Data Soft Manufacturing, and Triple S Electronics. This "Meet Bangladesh Show" (MBS) was introduced by the Export Competitiveness for Jobs (EC4J) Project under the Ministry of Commerce, financed by the World Bank, to showcase Bangladesh's light engineering sector.

The first trading day of the week witnessed a decline in the Dhaka stock market, while Chattogram experienced a rise in indices on Sunday. While most companies in Dhaka saw a falls in their share prices, the Chattogram market observed an upward trend. On the day, the benchmark DSEX index of the Dhaka Stock Exchange (DSE) fell by 3 points. The other two indices, the DSES and the blue-chip DS30, dropped by 1 and 6 points, respectively. Out of the 397 companies that traded on the DSE, share prices increased for 143, declined for 190 and remained unchanged for 64 companies. Across three categories, most companies witnessed a decline in share prices. Among the 36 mutual funds traded, the majority remained unchanged, with six gaining value and 12 seeing a drop. DSE, stakeholders vow to work with BSEC to restore investors’ confidence In the block market, shares worth Tk 15.59 crore were traded across 40 companies. Uttara Bank led the market with shares worth Tk 4.88 crore being traded. The total turnover at the DSE for the day amounted to Tk 448 crore. Shinepukur Ceramics Limited topped the gainers’ list, surging by 10 per cent, while Linde Bangladesh Limited experienced the steepest decline, losing 7.87 per cent in value. Chattogram Market Rises In contrast to the DSE, the Chattogram Stock Exchange (CSE) witnessed an increase in its index, gaining 7 points. Alongside the rise in the index, most companies trading in the CSE saw their share prices increase. Out of 181 companies, 87 registered gains, 66 saw a decline, and 28 remained unchanged. On Sunday, total turnover at the CSE stood at Tk 4.70 crore. DSE announces new trading hours for Ramadan Bengal Windsor Thermoplastics Limited led the gainers at the CSE, rising by 10 per cent, while Sonali Paper and Board Mills Limited faced the biggest loss, declining by 9.94 per cent.

Bangladesh Bank has reconstituted the boards of directors of three private banks in its latest move to reform troubled financial institutions. This marks the central bank’s second initiative to overhaul the boards of struggling banks. The three banks are NRBC Bank PLC, NBR Bank PLC and Meghna Bank PLC. In the newly formed board of NRBC Bank, former Krishi Bank Managing Director Md. Ali Hossain Prodhania has been appointed as Chairman. Other board members include former Bangladesh Bank Executive Directors Md. Abul Bashar and Md. Anowar Hossain, former Sonali Bank Deputy Managing Director Md. Nurul Hoque, Supreme Court lawyer Barrister Md. Shafiqur Rahman, American International University–Bangladesh (AIUB) Professor Dr. Syed Abul Kalam Azad, and Chartered Accountant Muhammad Emdad Ullah. Bangladesh Bank halts exchange of new notes for Eid At NBR Bank PLC, entrepreneur-shareholder Iqbal Ahmed has been appointed as Chairman. The new board consists of former Grameen Bank Board Member Ferdous Ara Begum, former Bangladesh Bank Executive Director Sheikh Md. Selim, former Mercantile Bank Managing Director Md. Kamrul Islam Chowdhury, former Prime Bank Deputy Managing Director Sheikh Matiur Rahman, North South University Professor Sharif Nurul Ahkam, and Chartered Accountant Mizanur Rahman FCA. Meanwhile, the restructuring of Meghna Bank's board is still in progress. According to insiders, Bangladesh’s banking sector has been grappling with a prolonged crisis, which has intensified over the last two years. Key issues include the dominance of influential groups over bank management, misappropriation of funds under the guise of loans, large-scale money laundering, mounting defaulted loans, severe liquidity shortages and the ongoing dollar and foreign reserve crisis. Following the change in government on August 5, Bangladesh Bank dissolved the boards of 11 banks, including Islami Bank—formerly controlled by the S Alam Group—and appointed new boards. Bangladesh Bank reduces CRR to increase cash flow in banks This latest intervention marks the second restructuring effort by the central bank under the tenure of Governor Dr. Ahsan H. Mansur.

Vision has introduced its new 4D Ultra Series air conditioners (ACs), designed to meet the diverse needs and preferences of customers. RN Paul, Managing Director of RFL Group unveiled the new series of ACs at a function held at Fuji Trade Center in the capital’s Badda recently, according to a press release. RN Paul said, "While buying an AC, many people hesitate whether to buy a good quality AC or consider the budget. To solve this problem and keeping the weather of Bangladesh and customer service in mind, Vision Electronics has brought the completely new 4D Ultra Series AC. Three types of 4D Ultra Series ACs—Regular, Inverter, and Inverter Hot & Cool (with WiFi technology)—will be available with advanced technology at prices 15-18% lower than before." Shohoz partners with Benchmark PR to strengthen brand communication He further said, " Vision Electronics always sets product prices with utmost importance to customer needs, affordability and convenience." Nur Alam, Executive Director of Vision Refrigerators and AC, said that the highest quality components have been used in the 4D Ultra series of Vision AC, ensuring long-lasting and effective performance. It has 100% copper tube, which ensure long-lasting performance and fast cooling of the AC. It uses R32 refrigerant, which is environmentally friendly. He also mentioned that this series incorporates dual inverter technology, which saves up to 70% of electricity. Moreover, the ACs can be controlled remotely via a mobile app, allowing users to operate them from anywhere at any time. Xiaomi Redmi Note 14 launched in Bangladesh Mohit Chakraborty, Head of Marketing of Vision AC, along with senior officials of the company, were present at the event. A total of nine models of 4D Ultra series ACs are available in the market, priced between Tk 43,900 and 77,900.

The Pan Pacific Sonargaon Hotel is going to host a unique feast this Ramadan, a 'special Egyptian and Middle Eastern food festival featuring buffet Iftar followed by a buffet dinner. Pan Pacific Sonargaon is organizing this exceptional event to celebrate the sanctity and beauty of Ramadan, a gathering of traditional Middle Eastern food and cultural performances. In this, guests will be able to enjoy delicious traditional Egyptian and Middle Eastern Iftar and Sehri. Asif Ahmed, acting general manager of the hotel, stated this at a press conference organized by Hotel Sonargaon on Tuesday evening. At the same time, Director of Food and Beverage Department Kazi Moazzem Hossain, two culinary artists from Egypt, Chef Al Khalifa and Chef Ramadan Ahmed, also spoke. The purpose of this event is not just to serve food, but to showcase the culture and heritage of the Middle East. It will feature traditional Middle Eastern food, charming lighting and special hospitality, said Asif Ahmed. “Pan Pacific Sonargaon Hotel has always been working to ensure world-class hospitality for its guests. Through this event, the hotel is going to add a new dimension to the luxury hotel and restaurant culture of Dhaka,” he added. Dhaka's streets abuzz with Iftar delicacies on Ramadan’s first day During this time, guests will be able to enjoy a unique iftar and dinner experience, which will be prepared by two famous culinary artists from Egypt, Chef Al Khalifa and Chef Ramadan Ahmed. BRAC Bank will be the banking partner for this entire event, and if you buy 1 buffet iftar with a specific BRAC Bank card, you will get 2 buffet iftars completely free. Air Asia will be the airline partner. This grand buffet Iftar, organized at the hotel's Cafe Bazaar restaurant, will be organized by BRAC Bank, and around 20 specific bank cards will be used to purchase 1 buffet Iftar, get 1 free, 2 free or 3 buffets completely free, respectively.

Bangladesh Bank has announced the postponement of its planned exchange of new currency notes ahead of Eid-ul-Fitr. Arif Hossain Khan, Executive Director and Spokesperson of the central bank, confirmed the decision to UNB, stating that a fresh notification had been issued, revoking the previous directive on new note exchanges. He, however, did not specify the reason behind the move. Bangladesh Bank to issue new notes for Eid-ul-Fitr from March 19 As a result, banks will not be facilitating the exchange of new notes for customers during this Eid. During Eid celebrations in Bangladesh, it is customary for people to collect crisp new notes from banks to give as cash gifts, particularly to children and loved ones.

Bangladesh’s financial sector is witnessing a transformative shift as women continue to carve out a significant space in banking employment. A recent report by Bangladesh Bank underscores a substantial increase in female participation, highlighting a promising trend of workplace inclusivity and professional advancement. According to the report, female employment in the banking sector surged by 12.90 percent, outpacing the overall employment growth rate of 5.17 per cent. Eid shopping in Faridpur starts picking up This upward trajectory not only reflects the evolving landscape of the financial sector but also underscores the growing contributions of women in traditionally male-dominated spheres. Steady Climb Across All Levels The report provides a detailed breakdown of female representation across different tiers of banking employment. Women now occupy 18.87 percent of entry-level positions, 15.96 per cent of mid-level roles and 9.73 percent of senior managerial posts. This consistent growth over the past three years signals a progressive evolution in workplace dynamics, fostering a more balanced representation at various organisational levels. Besides, female representation on bank boards of directors has witnessed a slight yet meaningful increase, rising to 13.61 per cent by the end of 2024 from 13.51 per cent in 2023. While incremental, this shift indicates a gradual move towards gender diversity in leadership roles, a crucial aspect of equitable corporate governance. Private Banks Driving Change A deeper analysis of the Bangladesh Bank report reveals that private sector banks have been at the forefront of this transformation. In 2023, the number of female employees in the banking sector stood at 33,346, a figure that climbed to 37,649 by the end of 2024. Remittance inflow surges amid forex reserve crisis This represents an impressive 12.90 per cent year-over-year growth. Concurrently, the total workforce within the banking sector expanded from 203,696 to 214,245 employees during the same period. The increasing participation of women in banking mirrors broader societal changes, where women are making significant strides across various professional fields. With female employees now comprising 17.6 per cent of the banking workforce, the sector is witnessing a paradigm shift towards greater gender inclusivity. Fostering a Supportive Environment Industry insiders attribute this remarkable growth to the banking sector’s conducive work environment, competitive salaries, and comprehensive benefits, including maternity leave and career progression opportunities. These factors have played a pivotal role in attracting and retaining female talent in an industry traditionally dominated by men. However, challenges remain. Women in banking continue to face hurdles such as work-life balance struggles, limited representation in senior leadership, and societal expectations. Bangladesh sees sluggish growth in new business and employment in Feb: Report Despite these obstacles, their growing presence and influence in the sector highlight a resilient commitment to professional excellence. A Promising Future As Bangladesh’s financial sector continues to evolve, the increasing participation of women signals a more inclusive and dynamic industry. While there is still progress to be made, the current trajectory suggests that women will play an even greater role in shaping the future of banking in Bangladesh. With continued policy support and organisational commitment, the sector is well on its way to breaking traditional barriers and fostering a truly diverse workforce