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Daily Banking News Links 17.01.2019

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Daily Banking News Links 17.01.2019

Bangladesh Bank (BB) received 5,731 complaints from bank clients

Bangladesh Bank (BB) received 5,731 complaints from bank clients last year. According to BB data, 3,058 complaints were received over telephone, 2,404 were written and 233 were sent online.While most of the complaints were related to loans and advances, clients also complained about card services, remittance, and other services. Out of the total complaints, 1,972 were general banking-related, 381 were service-related, 135 were related to bank guarantees, 502 were card-related and 431 were trade bill-related………..

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Dhaka stocks down as investors book profits

Dhaka stocks decreased on Wednesday but the turnover at Dhaka Stock Exchange hit 1,000 crore for the third consecutive session as investors went for selling shares to take profits after the recent surge in stock prices.
DSEX, the key index of DSE, lost 0.40 per cent, or 23.79 points, to close at 5,839.48 points on Wednesday after gaining 27.04 points in the previous session.The core index gained 645.79 points in a recent rally……….

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Confusion deepens over date of export tax cut effectiveness

Stakeholders, mainly banks, are in confusion about the date when the reduced rate of source tax on export proceeds of readymade garment and other sectors would take effect.
Some banks have been implementing the new rate at 0.25 per cent since January 1, the date when the rate was revised through a statutory regulatory order, while some other banks have been implementing the rate from July 1………………

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British banks soldier on thru’ murky waters

British banks swerved heavy share price losses in early trading on Wednesday, hours after a parliamentary vote on Prime Minister Theresa May’s Brexit deal returned the most blistering defeat for a UK government in almost a century.State-backed Royal Bank of Scotland and Lloyds Banking Group enjoyed rises of 1.7 percent and 1.4 percent respectively, while Barclays and HSBC saw stocks up by 0.7 percent each by 0909 GMT………………….

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Experts wary of Brexit impact

The impasse on Brexit deal might negatively affect exports of Bangladeshi goods to the UK as there is a possibility of higher inflationary pressure on Britons, stemming from higher cost of living.A no-deal Brexit would see the UK leave without a withdrawal agreement and start trading with the EU on the basis of World Trade Organisation rules, according to the BBC………….
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Lending rates edging up
The interest rate on lending is on the rise amid high import pressure and hunt for deposits at the end of last year.In November, the weighted average interest rate stood at 9.5 percent, up from 9.47 percent the previous month, according to data from the Bangladesh Bank………………

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Banks in a fix over effective date of slashed source tax

The majority of the banks are in confusion over the effective date of reduced source tax on export proceeds as it remains unclear in the revenue board’s order.On January 01, the National Board of Revenue (NBR) slashed the source tax for all exporters including readymade garments and leather, except jute, to 0.25 per cent from 0.60 per cent by issuing a Statutory Regulatory Order (SRO).It has been found that some banks have been deducting source tax at the new rate of 0.25 per cent from January 1, 2019 while others have started adjusting the deducted tax, considering the SRO effective from July, 1, 2018.According to the SRO, officials of the income tax wing said, the reduced tax rate of 0.25 per cent would be considered effective from July 01, 2018 unless the NBR issues another SRO clarifying the date of effectiveness……..

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Govt’s borrowing from banks on track to rise
Revenue shortfall, higher ADP execution cited as key reasons

The government’s higher borrowing from both the central bank and commercial banks is set to pick up mainly due to revenue shortfall in recent months, officials and bankers said.The previous borrowing, which was availed by the government to meet extra expenses for holding the December 30 national polls, is being adjusted, they said.The authorities have already set the net bank borrowing target at more than Tk 23 billion for January to finance budget deficit, due in part to the general election, according to the central bank officials……

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Rupali Bank’s loss-making branches now only eight

Rupali Bank Limited (RBL), a state-owned commercial bank (SoCB) has reduced the number of loss-making branches drastically in 2018.According to sources concerned in the bank, RBL has registered a whopping 76 per cent success in reducing the number of loss-making branches across the country.”Now we have reduced the number to only eight which was 33 in 2017 calendar year and 143 in 2016 and it was possible only for our concerted efforts to improve the overall governance …………..

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