BB to announce CSR policy soon

The central bank is going to announce the much-hyped corporate social responsibility (CSR) policy soon, keeping a major provision of establishing separate foundation for each and every bank.
"We will announce a complete and comprehensive CSR policy soon to check irregularities in fund management and disbursement," said Bangladesh Bank (BB) Governor Dr Atiur Rahman while addressing a stipend-awarding programme in the capital as the chief guest Saturday.
The BB governor said according to the new policy, all the banks must share a definite percentage of their net profit for the CSR programme. Education as well as rural development will get importance for fund disbursement, he said.
The Prime Bank Foundation (PBF) arranged the event. Prime Bank Limited (PBL) Chairman Prof Azam J Chowdhury chaired the function. Acclaimed educationist Prof Abdullah Abu Sayeed and prominent lawyer Barrister Rafiqul Huq addressed the event as special guests.
PBL Acting Managing Director Ahmed Kamal Khan Chowdhury and Chief Executive Officer Dr Iqbal Anwar, among others, spoke at the award- giving ceremony.
Terming conflict of interests between the board of directors and the bank management unexpected, Dr Rahman said the banks must take necessary steps to resolve the problems by assigning their specific job responsibilities properly.
He directed the banks' chairmen not to go to their respective banks every day as it sometimes creates serious problems in the bank management activities.
"You, the chairmen, need not come to the bank, except the board meeting," the governor said adding the central bank also has information that outsiders also attend regular meetings of the board of directors.
"On information, our investigation team had suddenly visited such a meeting of a bank when they found at least seven participants fleeing from the meeting room," the governor disclosed.
The governor said it is unexpected and humiliating for the banks and the regulator will take action after discussing about the issue. "Our investigation team will continue its sudden visits to the banks further," he said.
Expressing frustration over the existing relationship between the board and the management, Dr Rahman said the banks must resolve their conflicts immediately.
"Otherwise, we will evacuate the both-board and management-and appoint administrator for the defiant bank," the governor warned.
"We don't want to see another Bismillah or such group further in the banking sector," he said adding that there is a bad perception  among general people about management of some banks.  
Terming the CSR activities as encouraging in the country, the governor said some Tk4.47 billion was spent last year by all banks together.
He also called upon the financial institutions to come forward to help the country's helpless people to ensure expected and sustainable development.
This year, some 401 poor but meritorious students from various universities and colleges across the country have been selected for the Prime Bank Foundation stipends.
Under the programme, every student will receive Tk2,400 monthly and it will continue till their schooling tenure ends.

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