BASIC Bank suspends DGM

BASIC Bank Limited's Gulshan branch manager S M Waliullah was temporally suspended Wednesday on charges of 'gross irregularities', officials said.
The bank management suspended Mr. Waliullah, a deputy general manager (DGM) and in-charge of the branch, following alleged involvement in different irregularities.
"The top management will take final action against the suspended branch manager in line with the existing rules and regulations after completing its inspection," a senior official of BASIC Bank told the FE.
Talking to the FE, another official of the bank said Mr. Waliullah was transferred to the bank's Dhaka division recovery cell from Gulshan branch a couple of days back.
The state-run specialised bank's latest move came after 10 days of the central bank's imposing restriction on both sanction and disbursement of fresh loan from its three branches, including Gulshan. Other two branches are Dilkusha and Shantinagar.
On May 26, the Bangladesh Bank (BB) imposed the restriction on the branches to protect depositors' interest.
"We're monitoring and supervising the bank closely to improve its financial health," a BB official said.
The central bank earlier found various irregularities in BASIC Bank in giving loan, which include no verification of customer's creditworthiness, absence of know your customer (KYC) procedures, and extending loan to defaulters.
Majority of the anomalies were detected in the bank's three branches in the capital, he added.
The amount of classified loan with the three branches accounts for 80 per cent of the bank's total non-performing loan.