Prime Minister Sheikh Hasina has said steps are underway to bring down bank loan interest rate to single digit in all banks, noting that higher interest rate naturally causes loan defaults.

Shamim Ahmed and Md Nurul Islam have been promoted to deputy managing director (DMD) of Mercantile Bank.

The High Court refuses to grant bail to Mahbubul Haque Chisty, former chairman of Farmers Bank audit committee, in a corruption case filed on charge of misappropriating Tk 160 crore of the bank.

Jamaluddin Ahmed has recently been appointed chairman of Janata Bank.

Mahmudul Alam and Abdur Rahman have recently joined AB Bank as deputy managing directors.

Shasha Denims is going to acquire 80 percent of shares of EOS Textile Mills worth Tk 110.68 crore.

In a baffling move, the central bank is set to allow precarious Janata Bank to reschedule default loans amounting to Tk 1,049 crore of little-known Root Group that ranks 49 out of the top 300 defaulters in the country.

Two state-owned banks -- Sonali Bank and Janata Bank -- get new chairmen, according to a letter issued by the finance ministry.

The managing directors of Sonali Bank and Rupali Bank yesterday swapped seats for the next three years, in what can be viewed as a baffling round of musical chairs.

The managing directors of Sonali Bank and Rupali Bank swaps seats for the next three years, in what can be viewed as a baffling round of musical chairs.

The Reserve Bank of India (RBI) is looking to get banks to link some new loans to its key policy rate or other external benchmarks, Governor Shaktikanta Das said on Monday, as he pushes them to cut rates faster to stimulate a flagging economy.

Loan write-offs almost quadrupled in the first quarter of the year on the back of the central bank’s easing of rules, in a sobering reminder of the banking sector’s deteriorating financial health.

The government’s bank borrowing last fiscal year was almost half of what it had planned to, thanks to its lower development expenditure and higher sales of national savings certificates, much to the relief of the cash-strapped banking sector.

The central bank is set to come up with a new formula for calculating the cost of funds for banks with a view to bringing down the interest rate on lending, much to the trepidation of bankers.

Banking commission will be formed within a reasonable time with a view to perking up the financial health of banks, Finance Minister AHM Mostafa Kamal says.

At a time when many banks are struggling to arrest default loans stemming from a lack of corporate governance, Pubali Bank can be a role model for them given its stunning performance in bringing down the bad debt.

Defaulters will get till September 7 to apply for rescheduling their loans under the central bank’s relaxed policy as per a Bangladesh Bank notice to banks yesterday. The relaxed policy was made available in May to allow defaulters to clear their loans.

Chairman of Grameen Bank Khandaker Mozammel Haque passes away at Square Hospital in Dhaka. He was 74.

Md Shafiul Azam has recently been reappointed managing director and chief executive officer of Modhumoti Bank.

The energy ministry has asked Bangladesh Petroleum Corporation (BPC) and Petrobangla not to deposit their funds with weak financial institutions in the hope of getting higher returns in the form of interest.