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New finance minister sounds tough on loan defaulters
Newly-appointed Finance Minister A H M Mustafa Kamal asked the bankers on Monday to go tough on delinquent borrowers to help lower the size of non-performing loans (NPL).He told them to bring down the (ratio of) NPL to 7.0-8.0 percent from the existing 13 percent which, he said, is quite high.Mr Kamal said loans should be given to right kind of people only and urged the bankers not to spare even ‘relatives’ in the case of loan recovery………..
BIDA proposes merger of e-TIN, BIN
Bangladesh Investment Development Authority has recommended the National Board of Revenue for introducing a uniform tax identification number for both income taxpayers and VAT payers, merging the electronic taxpayers’ identification number, e-TIN in short, and business identification number, BIN in short…..
Dhaka stocks snap 11-day gaining streak on profit-taking
Dhaka stocks dropped on Monday, snapping an 11-day positive run as investors went for selling shares to book profits. DSEX, the key index of Dhaka Stock Exchange, lost 0.55 percent, or 31.82 points, to close at 5,655.18 points on Monday after gaining 469 points in the previous 11 sessions. Trading at the market was choppy with a couple of ups and downs and the market finished in the negative territory as investors went for profit taking, market operators said……
Trade deficit narrows amid rise in exports
AKM Zamir Uddin
Trade deficit narrowed 12 percent in the first five months of the fiscal year thanks to a rise in exports and a slowdown in imports. At the end of November, trade deficit stood at $6.65 billion, down from $7.60 billion a year earlier, according to the central bank’s latest data.
RMG workers’ demo over wage hike continues Stranded passengers suffer for hours
Ready-made garment (RMG) workers blockaded some key roads in the capital and torched vehicle on Monday, as their protest over wage hike stepped into the second consecutive day. Vehicular movements on northern and north-western parts of the capital were almost shut for several hours due to the agitation, causing immense suffering to the common people……..
India Banking News Link
RBI likely to pay bumper interim dividend to help Modi govt
The Reserve Bank of India (RBI), having changed leadership last month following a clash with the government, is likely to transfer an interim dividend of 300-400 billion rupees ($4.32 billion-$5.8 billion) to the government by March, according to three sources with direct knowledge of the matter. The amount would be three or four times the amount paid last year and would help the government meet its fiscal deficit target, despite a shortfall in revenue collections, most notably from a goods and services tax introduced in 2017, and from divestments….