News Watch (27-8-2018)

BASIC Bank MD resigns

Muhammad Awal Khan has resigned as the managing director (MD) of the state-owned BASIC Bank Limited. Mr Awal, who joined the BASIC Bank as MD on November 1 last for three years, tendered his resignation letter on August 14 on personal grounds, with a three-month notice period, the bank's Chairman Alauddin A Majid told the FE on Sunday. Now, the BASIC Bank board of directors would take a decision regarding the resignation letter in its next meeting, he added. Mr. Awal submitted his resignation at a time when the loan scam-hit BASIC Bank suffered heavy losses, according to banking sources. A sum of around Tk 46 billion was misappropriated from the bank through loan scams in the last four years. The volume of default loans of the bank has now hit Tk 86 billion, according to banking sources. — FE Report

Govt approves four medical colleges

The government has approved four state-run new medical colleges in Naogaon, Netrokona, Magura and Nilphamari amid quality concerns. Health Minister Mohammed Nasim said this at a news briefing on Sunday. — bdnews24.com