New bank inspection departments get GMs, will start operation this month

The Bangladesh Bank has appointed general managers to head four new departments, a day after reorganising the banking inspection activities in a move to intensify surveillance on the fast-growing financial sector.

On Wednesday, the human resources division of the central bank elaborated the responsibilities of all the eight departments, including the four new ones.

As the number of banks has increased in line with the economic progress, so do the grip pictures of loan scandals such as Hallmark, Basic Bank, Crescent Group, AnanTex. As a result of irregularities and corruption, the amount of defaulted loans is increasing gradually.

In such a reality, there was a need to increase the inspection activities to intensify the surveillance of banks long ago. For this, it was necessary to increase the range and manpower of the departments concerned. Eventually, the central bank took the long-overdue initiative.

In two circulars on Tuesday, Bangladesh Bank Governor Fazle Kabir doubled the number of bank inspector departments to eight.

Besides, the Banking Regulation and Policy Department (BRPD) has been divided into two sections to give more impetus to policy formulation as well as supervision.

A general manager is expected to be appointed to head the new division of BRPD. According to central bank sources, no one has been given the responsibility yet.

The day after the governor's circulars were issued, the central bank appointed four general managers for the four new departments.

The departments will be operational by the end of this month, said Sirajul Islam, a spokesman for the central bank and executive director of the human resources department.

Mohammad Jalal Uddin Biswas, Mohammad Harunur Rashid, Mohammad Mortuza Ali and Mohammad Murshid Alam have been appointed as general managers for the four new departments.

They will be in charge of bank inspection departments 2,5,7 and 8 respectively.

On the other hand, Jiban Krishna Roy, Mohammad Nurul Amin, Mohammad Ali and Mohammad Mamunul Haque will be the general managers of the bank inspection departments 1, 3, 4, and 6 respectively.

They were already in charge of the bank's inspection departments.

A central bank spokesman also said that new manpower would be recruited for the new departments.

He said the required manpower would be given to the new departments out of the 200 assistant directors that the central bank has taken initiative to appoint.

Meanwhile, the central bank is not getting enough space due to an increase in the number of power.

As a result, it is now carrying on its activities taking spaces on rent at Sena Kalyan Bhaban, which is adjacent to the main building of the Bangladesh Bank.

An initiative has been taken to construct a new building to increase the office space. A 14-storey building will be constructed behind the 30-storey building.

Spokesperson Sirajul Islam said the plan for constructing the building has already been approved by the Rajdhani Unnayan Kartripakkha (Rajuk). Now the process of hiring contractors for the construction of the building will begin.

The spokesman could not say when the work would start. He said the building would be funded by the central bank.