General

Govt to amend Bank Company Act

DHAKA, The government will bring necessary amendments to the 'Bank Company Act' to modernize the functions of holding companies and subsidiary companies.

This was revealed today in the proposed budget placed in parliament by finance minister AHM Mustafa Kamal.

The government has initiated and implemented various activities for the reform and development of banking, capital market, insurance and other financial sectors, the finance minister's budget speech read.

As per the budget speech, the government is thinking various reforms, including increasing capital (authorized and paid up) of banks gradually and bringing down the interest rates of bank loans to single digit with a view to making the industries and businesses more competitive.

Source: Bangladesh Sangbad Sangstha (BSS)