INSURANCE DEPOSIT
BB to impose fine on banks for failure to give info in time
The Bangladesh Bank has asked the scheduled banks to submit their insurance deposit-related information online and through manual system to the central bank in due time.
If the banks fail to submit such information in due time, they will face financial penalty.
The BB on Monday issued a circular to managing directors and chief executive
officers of the banks saying that from now on the banks would have to submit the insurance deposit-related information online and through the manual system.
The banks now submit the information only through manual system.
The banks will submit the information within the first month after every half year in the new format prepared by the BB, the circular said.
The central bank will impose financial penalty on the banks in accordance with the Bank Company Act-1991 if the banks fail to submit the information in due time.
-With New Age input
