Two more banks apply for capital adjustment

Two more private commercial banks (PCBs) have applied to the central bank for policy supports for adjustment of their capital-market overexposures, officials said. The banks – City Bank Limited and One Bank Limited – are still maintaining more than 25.0% capital-market exposures while all banks’ exposures on the market came down to 21.0% in April-May period from 23.0% a month ago. Under the policy supports, AB Bank, Pubali Bank, Mercantile Bank and Mutual Trust Bank have already transferred loans and shares worth BDT 17.0 billion to their capital-market subsidiaries as capital. The banks are allowed to adjust their overexposures through restructuring the exposure components and enhancing the capital of their subsidiaries with some internal adjustments, according to the latest policy supports of the BB. Besides, four more PCBs are taking preparations to submit applications to the BB for availing the ongoing policy props from the central bank, according to the BB official. Earlier on May 31 last, the BB advised chief executive officers and managing directors of all banks at a bankers’ meeting to avail the latest supports for adjustment of their capital-market overexposures within the time limit. According to the Banking Companies Act 1991 (Amended 2013), total capital comprises four components: paid-up capital, balance in share premium account, statutory reserve and retained earnings, as stated in the latest audited financial statements.

Source: http://print.thefinancialexpress-bd.com/2016/06/15/144140

NBL brings new loan product for marginal people

The country’s private commercial National Bank Limited (NBL) has introduced a new loan product namely ‘’Mukti’’ to improve personal and social well-being of marginal people across the country. NBL Chairman Zainul Haque Sikder came up with the announcement of the new loan at a launching ceremony held yesterday in the capital. The new loan product was introduced under agriculture credit for the welfare of marginal and underprivileged people, and those living in erstwhile enclave, said Zainul. The bank allocated a fund of BDT 150.0 million initially for the loan, which will be a revolving fund for 18 months validity. A client will be entitled to get a maximum loan of BDT 100,000 at a 5.0% simple interest rate. The clients do not require any collateral to get the loan.

Source: http://www.dhakatribune.com/business/2016/jun/15/nbl-brings-new-loan-product-marginal-people

MNP auction on September 21: BTRC invites applications tomorrow

Bangladesh Telecommunic-ation Regulatory Commission (BTRC) is going to hold the much-awaited auction for mobile number portability (MNP) on September 21 to introduce the service in the country. Chairman of the BTRC Dr Shahjahan Mahmood announced the date at a press conference in the city Tuesday. The service will enable a mobile phone user to change any operator retaining the existing number. “The service would be introduced within six months after issuance of the license to an MNP operator through the auction scheduled to be held on September 21,” the BTRC chairman said. The BTRC chairman said applications would be invited Thursday (June 16) while the last date for submission of any query would be June 30. The base price at the auction will be fixed at BDT 10 million while the bank guarantee will be BDT 10 million. The annual license renewal fee will be BDT 2.0 million while the company will have to share 5.5% revenue with the BTRC. The Commission has fixed BDT 100,000 as the application fee and the earnest money for bidding will be BDT 1.0 million. After the bidding process, a license will be issued to an independent company for 15 years to run the MNP system. There may be more companies in the field in future, if needed.

Source:
http://print.thefinancialexpress-bd.com/2016/06/15/144110
http://www.dhakatribune.com/business/2016/jun/15/much-awaited-mnp-goes-auction-sep-21#sthash.Y46roSVm.dpuf
http://newagebd.net/235596/mnp-licence-auction-sept-21/
http://www.thedailystar.net/business/mobile-number-portability-year-1239682

31 power plants under construction, says State Minister for Power, Energy and Mineral Resources

Thirty-one power plants with a total generation capacity of 9,361 megawatt (MW) are under construction at this moment in the country and the plants would go into operation in phases during 2016-2019, State Minister for Power, Energy and Mineral Resources Nasrul Hamid said, reports BSS. The state minister said this at the Jatiya Sangsad (JS) on Tuesday while replying to a question from treasury bench member Tanveer Imam of Sirajganj-4 constituency. Of the 31 under construction power plants, Mr Narsul said, 16 with 5,625-MW capacity are in the public sector and 15 with 3,736-MW capacity in the private sector. The state minister informed the House that the power generation capacity of the country has been tripled to 14,539-MW during the present government.

Source: http://print.thefinancialexpress-bd.com/2016/06/15/144117

Government ready to lower LPG price in order to help shift

The government is actively considering reducing the price of liquefied petroleum gas, according to state minister for Power, Energy and Mineral Resources Nasrul Hamid. ‘A proposal to decrease the price of LP gas at the government level is under active consideration,’ Hamid said in parliament today, replying to a question from Awami League MP Monirul Islam (Jessore-2). The state minister said households’ use of LP gas must be increased with a view to lessening dependence on natural gas, reports United News of Bangladesh. He said the retail price of a cylinder with 12.5 kg LP gas was Tk 700 now. In reply to another question from Md Abdullah (Laxmipur-4), the junior minister said the government has started the process of repairing 11 old power plants, through which electricity production will be augmented by 1018 megawatts. The combined capacity of the 11 power plants is currently 1570 megawatts. Once the repairs are done, it will go up to 2588 megawatt, Hamid told the House.

Source: http://newagebd.net/235513/govt-ready-lower-lpg-price-order-help-shift/

ECNEC approves seven projects worth BDT 30.0 billion

The Executive Committee of National Economic Council yesterday approved seven development projects worth over BDT 33.3 billion. Development of damaged road and other infrastructures of Dhaka North City Corporation (DNCC) is one of them. The cost of the project is estimated at BDT 10.3 billion. Of the approved project cost, BDT 29.7 billion will come from the public coffer and BDT 3.5 billion from the project-related public agencies’ own funds, Planning Minister AHM Mustafa Kamal told media after the meeting. Of the total project cost, the government will provide BDT 7.2 billion while the remaining BDT 3.1 billion will come from the project-related organization’s own fund. About the project, Kamal said the project aims to ease traffic congestion, road development, removing water-logging problem and clearing the walkways across the DNCC area. Under the project, about 204.8 kilometers road will be developed, 267.3 kilometers drains will be set up, 119.3 kilometer footpaths will be constructed and utility lines will be relocated. According to development project proposal (DPP), no present road in the Dhaka Metropolis is of standard quality. It says most of the footpaths are not suitable for walking. Besides, due to lack of adequate drainage facility, the dwellers suffer water-logging problem even after a little shower. The ECNE meeting approved the Recovering of Buriganga River (New Dhaleswari-Pungli-Bongshai-Turag-Buriganga System, 1st revised). The estimated cost is BDT 11.3 billion. Replying to a question, the Planning Minister said the 13.0% of the Buriganga Recovering project work has so far been done as Prime Minister asked the authorities concerned to complete the project ahead of the extended time which is June, 2020.

Source: http://www.dhakatribune.com/business/2016/jun/15/ECNE-approves-seven-projects-worth-BDT3000-crore#sthash.o7r796hD.dpuf

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