The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

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    Central Bank of Bangladesh Concerns Over Data Submission Delays and Abnormalities

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    The Central Bank of Bangladesh has raised concerns over licensed bank dealers for late submission of exports and inaccurate foreign exchange data.

    The Central Bank of Bangladesh has expressed worry about substantial inconsistencies in regional banking systems, ranging from discrepancies between existing and delinquent Letter of Credit (LC) data from the central bank’s dashboard to cases of purposefully underestimated invoicing for tax avoidance. The central bank also highlighted authorised bank dealers’ postponed reporting of data export and incorrect foreign exchange information.

    The report was presented in a paper published by the central bank after a meeting between CEOs and top central bank officials on August 16th. Bangladesh Central Bank Governor, Abdur Rouf Talukder, headed the panel.

    There were unwarranted documents for remittances up to $20,000 and banks’ failure to maintain the correct ratios for advance-to-deposit, Cash Reserve Requirement (CRR), and Statutory Liquidity Ratio (SLR). Unfortunately, some banks were discovered to be giving higher transaction rates than the mutually agreed-up rates, prompting worries regarding inappropriate rivalry among banks and the consequences for import payments.

    Banks have also been cautioned for failing to comply with the central bank’s single-borrower exposure restriction imposed last year. One of the four deputy governors, AKM Sajedur Rahman Khan, raised the matter of institutions refusing to give appropriate records of meetings and other important reports. He emphasised the situation’s urgency, stating that inaccurate information from banks could reach agencies such as the Ministry of Finance, the International Monetary Fund (IMF), and the World Bank, ultimately resulting in incorrect assumptions and choices.

    Banks have been scrutinised for allegedly failing to distribute loans targeted for the Cottage, Small and Medium-Sized Businesses (SMEs), and farms. Furthermore, banks have been instructed to ensure that loans from the Bangladesh bank’s refinance and pre-finance efforts are distributed. The slow development speed in addressing court disputes involving a significant sum exceeding Tk2  lakh crore has also been controversial.

    Mutual Trust Bank executive chairman, Syed Mahbubur Rahman, acknowledged that the Bank of Bangladesh had raised a matter of data discrepancy between banks and the central bank’s interface.

    He stated, “it (mismatch) can happen for different reasons, such as system transfer and inattentiveness.”

    Banking executives also addressed regulatory authorities on various issues at the meeting. These included pushing against allowing telecommunications corporations to enter the digital banking industry, opposing tax withholding on overseas loans, and encouraging all banks to strictly adhere to the predetermined exchange rates.

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