The Bangladesh Cricket Board is facing an acute shortage of fund to run its day-to-day activities which required them to seek a loan of Tk nine crore from a private bank against its fixed deposit, according to a document obtained by New Age on Saturday.
The BCB, in its most talked-about board of directors’ meeting on January 23, approved the decision of seeking the loan from the IFIC Bank’s Shantinagar branch at an interest of 13% in line of their FDR to meet up the expenses.
The BCB is maintaining an FDR account in the branch, where Tk 10 crore was deposited on September 11, 2013 for a one-year period.
The primary approval of taking loan against FDR, however, came long ago in the sixth meeting of the BCB’s ad-hoc committee on July 3, 2013. The ad–hoc committee, formed to conduct an election, gave the approval of taking a loan of Tk 30 crore to meet up the expenses for the upcoming home and away tournaments.
It is also noted that the BCB has taken a SOD loan of Tk five crore forty lakh from the National Bank’s Rokeya Sarani branch.
The January 23 meeting notified that in the first three months of 2014, the BCB will face a revenue shortfall of more than Tk 6.30 crore. While its expenditure during this period is Tk 50.58 crore, the expected revenue is Tk 44.28 crore.
The BCB has an usable bank balance worth Tk 1.35 crore.
Despite the fund crisis, the BCB increased its budget for the ongoing home series against Sri Lanka by Tk 2.20 crore from its initial budget of Tk 6.26 crore. After the revised budget, expenses for the Sri Lanka series stood at Tk 8.46 crore.
-With New Age input
