BB warns BASIC Bank of action

May 29, 2014

Recruitment Anomalies
BB warns BASIC Bank of action
Bangladesh Bank on Wednesday warned BASIC Bank of taking punitive measures as the bank is not maintaining the rules and regulations in the recruitment and promotion process of its manpower. To this end, the BB issued a letter to managing director (current charge) of BASIC Bank asking him to follow strictly the regulation approved by the bank’s board of directors along with the central bank guidelines in recruiting and promoting the staff. Otherwise, the BB will take punitive action against the senior management of the bank, the letter said.
According to the BB letter, the central bank had recently received a number of allegations that BASIC Bank had violated massively in recruiting and promoting its staff.
The central bank also considered with importance the media reports about the BASIC Bank’s illegal recruitment, the letter said.
After receiving the allegations, the BB conducted investigations into BASIC Bank’s recruitment and promotion process where it found irregularities.
A BB official told New Age on Wednesday that BASIC Bank had earlier appointed and promoted its deputy managing directors, general managers and officers in different categories violating the regulations.
Due to the BASIC Bank’s irregularities, the human resource management of the whole banking sector is now facing criticism from various corners.
Under the circumstances, the central bank is going to take hard position against the bank, he said.
The BB took the measures after it had taken a number of punitive actions against BASIC Bank due to irregularities in sanctioning and disbursing loans.
The BB on Sunday removed BASIC Bank managing director Kazi Faqurul Islam because of his alleged involvement with financial scams during the last few years.
The central bank on Monday suspended temporarily sanctioning of fresh loans in three branches of the state-owned bank as it found that huge irregularities occurred in the branches. The three branches are: Gulshan, Shantinagar and Dilkusha.

-With New Age input

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