$300m IDA loan to create high-skilled labour society

The International Development Association (IDA) will provide Bangladesh with a $300 million low-cost concessional loan to create future employment opportunities for youth and workers including women and disadvantaged people. The main objective of the loan is to create a high-skilled labour society by 2030. The World Bank’s arm that hands out loans and grants to the poorest developing countries will give the credit to implement the “Accelerating and Strengthening Skills for Economic Transformation (ASSET) Project”. The Directorate of Technical Education under the Technical and Madrasa Education Division will act as the lead implementing agency and the Ministry of Expatriates’ Welfare and Employment, the Ministry of Industries, and the Medical Education and Family Welfare Division will act as partner implementing agencies of the project. The project will be implemented from July 2021 to December 2026. The loan will be received in standard terms and conditions of IDA, which includes a 0.75% service charge on disbursed amount and interest at the rate of 1.25% per annum. The repayment period of the loan is 30 years including five years grace period and the commitment fee has been fixed at 0% for quite a long time, added the press release issued by the ERD.

Source: https://www.tbsnews.net/economy/govt-signs-300-mln-loan-agreement-ida-economic-project-317668

 BB allows receiving remittances through payment gateways

The Bangladesh Bank (BB) has allowed receiving inward remittances through online payment gateway service providers. The central bank issued a circular in this regard on Monday to simplify the repatriation of inward remittances against service export.   According to the circular, from now on service providers can maintain notional accounts with only those Online Payment Gateway Service Providers which have arrangements with authorised dealer (AD) banks in Bangladesh. A BB official said the decision was made to widen the scope of repatriation of income against service exports, especially exports from the IT sector. Many IT experts have said the revised circular will facilitate freelancers to bring income easily and accelerate IT exports. An official of the central bank said in 2011 BB had allowed banks concerned to make arrangements with the payment gateway service providers to repatriate small value service export payments.

Source: https://www.tbsnews.net/economy/banking/bb-allows-receiving-remittances-through-payment-gateways-317758

Tk10 charge fixed for Internet banking fund transfer

The Bangladesh Bank has fixed a Tk10 service charge for transaction of interbank internet banking fund transfer through National Payment Switch Bangladesh (NPSB). Bangladesh Bank’s Payment Systems Department issued a circular on Monday and sent it to all concerned including scheduled banks and mobile financial services providers, says a press release. According to the new guidelines, the acquiring company will charge 0.7% merchant discount rate (MDR) per transaction in the case of Bangla QR transactions for micro merchants. Of which 0.4% will be paid to the card issuing bank for Interchange Reimbursement fee (IRF). According to the circular, the acquiring bank will get 1.6% of the total transaction as merchant discount rate (MDR), in case of merchant payments using the point of sale (POS) of another bank under the NPSB. Of the amount, 1.1% will be paid to the card issuing bank as IRF. At the same time, a maximum of Tk20 per transaction has been fixed for cash withdrawal using POS. This charge will be confirmed by the issuing bank to the acquiring bank. Meanwhile, under the NPSB, a bank has to pay a service charge of Tk20 per transaction for withdrawing cash from another bank using an ATM. Bangladesh Bank has fixed Tk5 for money information, Tk5 for short message, maximum Tk10 for money transfer and maximum Tk20 for cash deposit.

Source: https://www.tbsnews.net/economy/banking/tk10-charge-fixed-internet-banking-fund-transfer-317878

MoU between Pubali Bank and Best Electronics

A Memorandum of Understanding (MoU) between Pubali Bank Limited and Best Electronics Ltd was signed recently at the bank’s Head Office. Ashim Kumar Roy, General Manager & Head of Cards of Pubali Bank Limited, and Mohammed Jakir Hossain, General Manager & Head of Finance of Best Electronics Ltd, signed the MoU on behalf of their respective organisations.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/mou-between-pubali-bank-and-best-electronics-1634569976

ICB Islamic Bank signs deal with PHP Automobiles

A memorandum of understanding (MoU) was signed between ICB Islamic Bank Ltd and PHP Automobiles Limited, at the premises of ICB Islamic Bank Head Office in the city recently. Under the agreement, customers purchasing brand new cars of PHP Automobiles Ltd can avail easy auto finance facilities from ICB Islamic Bank Limited under a very attractive profit rate and discounted processing fees as well as can enjoy special offers from PHP Automobiles along with exclusive facilities.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/icb-islamic-bank-signs-deal-with-php-automobiles-1634569738