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Offshore Banking Operation (OBO) was first introduced by Bangladesh Bank in 1985 through a circular for allowing active foreign financing at Export Processing Zones (EPZs). Banks operated the services with Bangladesh Bank approval without any separate law for an offshore banking system until the enactment of the Offshore Banking Act, 2024.
[1] [2] [3] Established in 1988, it started its operation initially as a project of the Bangladesh Bank. Since April 1992, it is running its business as an autonomous organization constituted under the existing law of the country. [4] [5] It is the regular member of International Government Printers Association.
On 7 April 1972, after the Bangladesh Liberation War and the eventual independence of Bangladesh, the Government of Bangladesh passed the Bangladesh Bank Order, (P.O. No. 127 of 1972), reorganising the Dhaka branch of the State Bank of Pakistan as Bangladesh Bank, the country's central bank and apex regulatory body for the country's monetary and financial system.
The agency is controlled by 12 member-governing body which has representatives from the government, Bangladesh Bank, Bangladesh Securities and Exchange Commission, Federation of Bangladesh Chambers of Commerce & Industries, professional accountants association and academia.
The Institute of Bankers was registered on the 6 February 1973 as an association under the Societies Registration Act, 1660 (Act No. XXI of 1660). [2] Before that some eminent bankers and other professionals decided, in a meeting held on 26 July 1972, to establish the institute as a professional body of banks and financial institutions in Bangladesh.
In June 2005, Bangladesh Bank fined Premier Bank Limited for failing to comply with Know Your Client (KYC) requirements. [10] Bangladesh Securities and Exchange Commission sued HBM Iqbal for using fake accounts in the stock market. [11] Bangladesh Bank carried out its investigation of the accounts. [12] Khondker Fazle Rashid was appointed ...
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The bank currently provides a diverse range of services, categorized as follows: 1. Commercial Banking 2. Foreign Trade The bank offers comprehensive foreign trade financing solutions, including: - Export Cash Credit - Packing Credit - Purchase of Documentary Bills (Local and Foreign) - Payment Against Bills - Import Trade Loans - Loans Against Trust Receipts - Foreign Exchange Business ...