Internet banking transactions hit nearly Tk 50,000cr

Internet banking transactions reached a record high amount of nearly Tk 50,000 crore in May, signifying the enhanced cost and time savings and convenience enabled over visits to brick-and-mortar branches for a growing number of bank account holders. The transactions soared 142 per cent year-on-year to Tk 49,930 crore, showed the latest Bangladesh Bank (BB) data. Many banks did not have any mobile app. Now more than 40 banks have apps to facilitate customers in carrying out banking digitally. Now customer literacy and awareness are needed as people are showing interest and banks are promoting electronic banking. Banks are introducing new products as digital banking is growing, said Emranul Huq, managing director and CEO of Dhaka Bank Ltd. The growth of digital banking has sped up as banks are becoming connected with mobile financial service (MFS) providers. Once customers used to transfer funds to MFS. Now deposits are also coming from MFS. This has become a big area. Dhaka Bank Ltd has introduced nano deposits and registered an increase in the opening of accounts. On the risks of cyberattacks and fraud, Mr. Huq said banks were investing to build firewalls to ensure digital security and protect their systems. The BB issued an ICT risk management guideline for banks, abiding by which will require banks to make a lot of investment. Customers’ literacy and awareness is also needed, he added.

Source: https://www.thedailystar.net/business/economy/news/internet-banking-transactions-hit-nearly-tk-50000cr-3371806

Leather footwear exporters can now apply for over 5% discounts

Exporters can now apply to the Discount Committee of the central bank for more than 5% discounts against the export of leather footwear goods. The Foreign Exchange Policy Department of the Bangladesh Bank issued a circular in this regard on Sunday. The move will help exporters offset the loss of export proceeds they often incur by offering buyers discounts of more than 5% prescribed in the Guidelines for Foreign Exchange Transactions. Leather footwear exporters were previously unable to provide additional discounts to their foreign customers. However, the new guidelines issued by the central bank have now allowed this sector to apply for discounts of more than 5%.

Source: https://www.tbsnews.net/economy/leather-footwear-exporters-can-now-apply-over-5-discounts-666374

Plastic industry policy finalised with 10-year income tax holiday for entrepreneurs

The Plastic Industry Development Policy 2023 has been finalised with a provision for a 10-year income tax holiday to entrepreneurs in plastic parks and disadvantaged areas. The policy was finalised in June this year based on stakeholder feedback, nearly two years after a draft was released in 2021. This five-year policy, formulated by the Ministry of Industries, will be implemented by 2028. The policy aims to ensure adequate financial support for domestic industries by providing loans to the small and medium enterprises in the plastic sector at 3% interest from a special fund. At present, the market of Bangladeshi plastics is about $2.99 billion. Of which, 83.4% is domestic and the remaining 16.6% is international. In the new policy, an annual growth target of 15% has been set for the plastic industry. In FY23, Bangladesh’s plastic and plastic product export was 4.21% short of target, but increased by 6.67% compared to the previous fiscal. Exports of plastic products in FY23 increased by 26.23% to $20.98 crore against the previous year’s $16.62 crore. According to Grand View Research, the global plastic market was valued at $609.01 billion in 2022 and is expected to grow to $721.14 billion by 2025. Bangladesh occupies only 0.6% of the global plastic market.

Source: https://today.thefinancialexpress.com.bd/stock-corporate/tanveer-ahmad-elected-vice-chairman-of-islami-bank-1689005999