Virtual bank meetings

The Bangladesh Bank has recently asked scheduled banks in the country to organise meetings using online platforms. The central bank's directive to hold meetings in a hybrid mode is to ensure cost savings and efficient use of electricity. In my view, it is, of course, an admirable initiative. The central bank advised the banks to organise meetings on online platform instead of hundred per cent in-person attendance, to ensure economical use of power and energy under austerity measures.

Online meetings require less cost and time compared to physical sessions. Conducting a physical meeting requires hotel accommodation costs, arrangements of facilities, travel expenses, etc. The attendees need to come from different locations, due to which there may be a delay in gathering of all participants. Setting a virtual meeting saves plenty of time. By avoiding trips and working from a specific location, one can maximise one's productivity. The Bangladesh Bank has been implementing various initiatives to tackle economic headwinds and keep foreign exchange reserves stable amid the ongoing Russia-Ukraine war. The instruction to hold virtual meetings is one such initiative.

With the advancement of technology, it is now very much possible to maintain austerity by organising meetings and training programmes online. A few commercial banks including the Export Import Bank of Bangladesh Limited (EXIM Bank) have been, however, holding online meetings since 2020. This bank has even arranged training courses recently in a hybrid manner. All the banks should follow the system to ensure frugality in the banks' expenses and the cost-effective use of electricity and energy complying with the central bank instruction.

Md. Saiful Islam, (Ph.D)

Principal, EBTRA,

Gulshan-1, Dhaka,

saiful@eximbankbd.com