United News of Bangladesh

Mobile financial service provider Nagad Ltd has long been the target of various conspiracies and smear campaigns, the company stated in a press release on Monday. According to Nagad, certain vested interests are deliberately spreading misleading and false information about the company. They believe these actions are attempts to disrupt and destabilize the country’s financial sector. "If such activities continue, Nagad will be compelled to take legal action," the release warned. Financial inclusion in Bangladesh has now surpassed 52%, with Nagad playing a crucial role in this achievement. Prior to Nagad's launch in 2019, mobile banking was limited to a small segment of urban residents and was a costly, time-consuming process—even opening an account was cumbersome. Nagad revolutionized the account opening process by introducing e-KYC, a system now adopted by nearly all financial institutions in the country. After bringing about a financial revolution in the MFS sector, Nagad is now working on launching Bangladesh’s first digital bank. Nagad Digital Bank has already received a license from Bangladesh Bank and is on the verge of a successful launch. Renowned global IT and security firms have partnered with Nagad on this project, setting the stage for another financial revolution, the release added. However, at this crucial juncture, a group envious of Nagad’s consistent success has begun spreading falsehoods and slander against the company. Some have expressed jealousy towards Nagad for breaking market monopolies and saving people’s money. Currently, false and misleading information is being spread through Facebook pages created under various names, with some even boosting their anti-Nagad propaganda. Market experts believe this is not the work of an individual customer. A particular group, fearing the loss of excessive profits, has initiated this smear campaign against Nagad. There have been incidents of leaflets being distributed against the company, vandalism of Nagad’s promotional materials, and attacks on its agents. Nagad has taken legal action multiple times in response to these incidents, which have also involved unethical individuals from competing companies. Nagad notes with concern that this same group has once again become active, spreading various unjust, false, and fake information about the company. Nagad is closely monitoring these activities and strongly condemns them. The company emphasized that it will take legal action against those responsible for spreading unethical and false information, the release concluded.

The Centre for Policy Dialogue (CPD) has urged the interim government to form an independent 'Banking Commission' for the sector to bring transparency and regain people’s trust through measures for improving the situation sustainably. The CPD said this at a press conference on the banking sector held CPD's office in Dhanmondhi on Monday. Executive Director of CPD Dr Fahmida Khatun said  about Tk 92,261 crore was embezzled in 24 major banking scams in a period between 2008 to 2023. She gave a presentation on default loan in banking sector along with suggestions for remedy as an interim government led by Nobel Prof Muhammad Yunus sworn in following the fall of Sheikh Hasina government. Several banks are clinically dead but have been kept alive through bailout, she said and recommended giving go-ahead to close down banks that are on the verge of collapse. "Several previously good banks have experienced a misfortune decline in their performance after hostile takeovers by crony capitalists," said Dr Fahmida. The embezzled  amount is equivalent to 12 percent of Bangladesh's national budget of 2023-24 fiscal year or 2 percent of the country's gross domestic product (GDP) for the FY2022-23, said CPD. The CPD said the banking sector, a vital pillar of the economy, suffers from vulnerability over time manifested through high loan defaults. Regrettably, the previous government did not keep its commitments to safeguard the banking sector expressed in various policy documents and election manifesto. There has been an erosion of public trust in the banking sector due to the continuous deterioration of the health of the sector and inadequate measures taken by the policymakers of the former government, said CPD. Sporadic measures were not successful since the nature and depth of the problemrequire comprehensive due diligence and structural reforms, it observed.

 Businessmen representing the garment industry have sought security for goods-carrying vehicles on roads and highways, citing unnecessary delays in the loading and unloading of goods at Chittagong port, which impacts industry competitiveness. They also highlighted delays in clearing goods at Dhaka Airport and requested that the Army step in to expedite these processes. The traders urged the Army-led Joint Task Force to visit recently vandalized factories to restore confidence among entrepreneurs and workers. A meeting was organized on Sunday under the initiative of BGMEA to address the issue of ensuring the smooth operation of all industrial factories in Bangladesh, including the garment sector. Bangladesh Army's GOC 9th Infantry Division and Area Commander, Savar area held the meeting with the representatives of BGMEA, FBCCI, BTMA, and other business organizations and representatives of law enforcement agencies, according to BGMEA. The meeting took place at the BGMEA Complex in Uttara, Dhaka. Khandoker Rafiqul Islam, acting President of BGMEA, represented the trade associations while GOC Major General Md. Moin Khan, NDC, PSC represented the the 9th Infantry Division. Attendees from BGMEA included First Vice President Syed Nazrul Islam, Vice Presidents Md. Nasir Uddin, Abdullah Hill Rakib, and Rakibul Alam Chowdhury, as well as other directors. The FBCCI was represented by President Mahbubul Alam, while Javed Akhtar, President of the Foreign Investors Chamber of Commerce and Industry (FICI), and Md. Fazlul Haque, President (In charge) of BTMA, were also present. Additionally, Helal Uddin, President of the Bangladesh Shop Owners Association, along with representatives from various trade organizations and business leaders, participated in the meeting. The meeting also included Industrial Police Additional IGP Md. Mahbubur Rahman, BPM-Bar, PPM, Army Task Force Commander Colonel Abu Mohammad Mohiuddin, BGBM (Bar), PBGM, MPhil, and representatives from BGB and RAB. Khandoker Rafiqul Islam praised the Bangladesh Army for its patience and effective support during recent national crises and its role in the country’s economic recovery. He noted that with the Army's direct cooperation, 99.89% of factories in Gazipur, 99.51% in Savar-Ashulia and Dhamrai, 100% in Narayanganj, 100% in DMP areas, and 100% of garment factories in Chittagong have resumed operations. The meeting also addressed various law and order issues affecting industrial factories. Concerns were raised about criminal activities regarding establishing dominance over jhut trade in garment-dominated industrial areas. These groups, which are involved in the "Jhut" sector, have created young gangs that disrupt the working environment, harass factory owners and workers, and hold the garment industry hostage. The garment traders called for the Army’s assistance in overcoming these challenges. Major General Md. Moin Khan assured that the Army's priority is to support the industry's recovery as it is the backbone of the economy. He mentioned that the task force has already been deployed to ensure security in Savar and Ashulia and is responding quickly to incidents. Through the deployment of a "quick reaction force," teams are able to reach incidents swiftly and provide assistance as needed. As a result, the number of complaints in these areas decreased on the second day compared to the first. Major General Moin Khan requested BGMEA leaders to provide information on active criminals involved in jhut business operations. He assured the business leaders of addressing issues at Chittagong Port and Dhaka Airport to improve cargo handling efficiency. WhatsApp groups will be created to facilitate rapid problem resolution in industrial areas. He assured that the Bangladesh Army stands ready to support the industry against any threats that may damage factories.    

 Dhaka Chamber of Commerce & Industry (DCCI) on Sunday urged for immediate restoration of law and order, and revival of economic activities. DCCI is deeply saddened by the loss of lives and human sufferings over the past few weeks, and offered its prayers and condolences towards the victims and their families. Congratulating the interim government, the trade body wished the government all out success in quick restoration of the law and order situation, return to normal economic conditions and restoration of democratic political environment. DCCI requested the government to take necessary steps to end the vandalism and anarchy as soon as possible, said a press release. Addressing the law and order situation and economic stability should be immediate and utmost priorities in the current context, it said. The business chamber said the private sector requires prompt and substantial support to overcome the setbacks caused by recent disruptions. “We urge for collective efforts from all stakeholders including the interim Government, private sector and political parties to overcome the consequence of recent damages through a rigorous and sustainable economic recovery process,” it said. Taking into account the loss and damage to the economy, DCCI requested the new government to take steps to revive the image of the economy and reinstall positive growth trends. “In this regard, we urge the government to prioritize the necessary measures including financial sector stability, inflation control, stability in Forex reserve, reform in capital market, national revenue enhancement, reduce corruption through establishing rule of law and aid CMSMEs’ recovery,” said the DCCI expressing its optimism that the interim government would restore the rebuilding process of the economy.  

Bangladesh Bank on Sunday conducted some operational activities after the finance ministry tasked Deputy Governor Nurun Nahar to look after the routine work until a new governor is appointed. Four deputy governors and head of Bangladesh Financial Intelligence Unit (BFIU) also returned to the central bank. Nurun Nahar will look after the governor's daily work until the new governor is appointed, according to an official order signed by Deputy Secretary of the Financial Institution Division (FID) Afsana Bilkis on Sunday. Two days after the fall of Sheikh Hasina’s government the four deputy governors and the head of BFIU left their desks in the central bank in the face of protests on Wednesday. They are - Kazi Sayedur Rahman, Nurun Nahar, Khurshid Alam and Dr. Md. Habibur Rahman. Among them, Kazi Sayedur Rahman signed the resignation letter on a plain paper under the pressure of angry officials. BFIU chief Masud Biswas of deputy governor rank also left his office under pressure. Since BB Governor Abdur Rouf Talukder has stepped down, the deputy governors will carry out their daily activities in their respective fields from August 11 until the new governor joins.

Bangladesh Bank (BB) Governor Abdur Rouf Talukder has resigned. Rouf submitted his resignation to the Secretary of the Financial Institutions Division (FID) on Friday afternoon citing personal reasons. According to FID, the governor submitted his resignation letter at around 3pm on Friday to the FID secretary Abdur Rahman Khan. Rouf cited personal difficulties for his resignation. However, FID Secretary Abdur Rahman Khan did not comment on this issue. The mobile number of Rouf was found switched off. The Finance Advisor of the new interim government Dr. Salehuddin Ahmed was contacted, he said that he was not aware of the matter. Dr. Salehuddin called a meeting with the secretaries of four divisions under the Ministry of Finance. There the matter is likely to be discussed. Governor Abdur Rouf Talukder has not visited the BB since Sheikh Hasina resigned from the post of Prime Minister on August 5. He was not even in his residence Governor House. As per the rules, the governor is appointed by the FID of the Ministry of Finance with the consent of the Prime Minister or the Chief Adviser. As such, the governor has to resign through the FID. Abdur Rauf Talukder has therefore submitted his resignation letter to the FID.  

Nagad, the country's leading mobile financial service provider, has extended congratulations and best wishes to Nobel laureate and globally acclaimed economist Dr. Muhammad Yunus, on his appointment as Chief Adviser of the interim government during this critical time for the nation. The MFS provider also offered its greetings to all the advisers of the new government, according to a press release. Mohammad Aminul Haque, managing director of Nagad Digital Bank, said under the leadership of the legendary economist Professor Yunus, the youth-driven Bangladesh will move forward toward realizing its dreams. Bangladesh has witnessed a renaissance driven by the student and youth power. From the get-go, Nagad has considered youth as the main force behind its journey. It is at the behest of these young people that one of the world's most influential thinkers, Dr. Muhammad Yunus, has agreed to take responsibility for the country during this crisis. Expressing his good wishes to the Chief Adviser of the interim government, he stated, "We believe that Dr. Muhammad Yunus is the right person to harness the immense potential and youth of this country to move it forward. His leadership has already transformed the world. Now, we are fortunate that he has agreed to lead Bangladesh forward and has taken on this responsibility. I hope Nagad will also progress under his guidance." Professor Yunus has demonstrated not only to Bangladesh but to the entire world how the power of youth and collective strength can eradicate poverty. His efforts have significantly increased financial inclusion in Bangladesh. As an organization, Nagad is primarily focused on increasing financial inclusion to alleviate poverty. Upon returning from France, where he served as an adviser to the Paris Olympics, Professor Dr. Yunus said Bangladesh would advance by harnessing the power and revolution of the youth. Nagad is working in alignment with this visionary leader's path toward the similar dream. It is worth mentioning that Nagad has rapidly become the second-largest mobile financial service in the country. Now, Nagad is a family of 9.5 crore customers -- all of them also share the dream of a youth-driven new Bangladesh, read the release.

Unrest in Bangladesh continued for the second day on Thursday disrupting its normal operation. Protests by mid-level officials and employees of the central bank forced four deputy governors to resign on Wednesday. Governor Abdur Rouf Talukder remained absent from office since the fall of the Awami League government amid mass movement on Monday. The protesting officials want the AL government-appointed top officials to step down accusing them of aiding corruption and money laundering by pro-AL businesses. Rouf's whereabouts are unknown. On Wednesday, a group of officials stormed into the central bank headquarters demanding the resignation of the governor, four deputy governors, advisers and the head of the financial intelligence unit. The protesters said the top officials failed to ensure good governance in the banking sector. "We have no political motive," said one of them. Deputy Governor Kazi Sayedur Rahman resigned on Wednesday. After that, the officials assaulted him too. Later, angry officers-employees went to the offices of Deputy Governor Nurun Nahar, advisor Abu Farah Md Nasser and Bangladesh Financial Intelligence Unit (BFIU) head Md. Masud Biswas and pressured to resign. Agreeing to this, he apologized to everyone and left the central bank. When BFIU chief Masud agreed to resign, the officials threw him out of the central bank premises. At that time, the army members gave them security. The remaining two deputy governors Md. Khurshid Alam and Md. Habibur Rahman was not in the office. However, when the angry officials contacted them on phone, they said that they will resign and will not come to the office again. After that, the angry officials decided that Deputy Governor Nurun Nahar would maintain administrative works for a temporary period.

After the fall of the government, private sector Islami bank has prevented withdrawal of Tk 2000 crore through cheques of different ‘suspicious companies’. On Tuesday and Wednesday, Islami Bank PLC blocked withdrawal of these amount. On Tuesday, the bank blocked the withdrawal of Tk900 crore in one day. Two companies - Golden Star and Top Ten Trading House- were trying to withdraw this money. On Wednesday, the bank also rejected cheques of different companies of S Alam Group  for withdrawal of Tk1100 crore. A top official of the bank said that both the institutions are related to the bank's owners. And they have prevented the withdrawal of money due to the change of government. They ‘deprived’ officials of the bank have been demanding the resignation of the beneficiary officials as well as the removal of the officials who joined in the last seven years. At one stage they created pressure on the bank's Additional Managing Director (AMD) Muhammad Qaisar Ali to resign. Later he submitted resignation to MD and left the bank with the help of the army.    

The interim government, headed by Nobel laureate Dr. Muhammad Yunus, is set to take oath this evening. For security concerns, in the absence of a government, Bangladesh Bank has set a limit of withdrawing Tk 1 lakh only from a single account from banks. The bank's managing directors gave this instruction in an urgent message on Wednesday night. As per the guidelines, even if a customer cannot withdraw cash, they can transfer any amount of money and do digital transactions. After the fall of the Awami League government, the pressure of cash withdrawal increased slightly. There is especially pressure to withdraw cash from Awami League politicians and business families. The central bank has decided to discourage the withdrawal of cash so that these funds are not used in any way for terrorist or illegal activities. In continuation of this, Bangladesh Bank announced this decision last night. Apart from this, Bangladesh Bank has ordered to stop disbursement of money from the head office to the branches for today (Thursday). It is also advised to encourage customers to pay by cheques.