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Nine banks, which include eight state banks and the trouble-hit Farmers Bank, have failed to meet the minimum regulatory capital needs, in a worrying development for the government.
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Bangladesh's current account deficit reached a 15-year high of $5.34 billion in the first seven months of the fiscal year as the country's capacity to export is failing to keep up with the appetite for imports.
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Bangladesh Bank has unearthed another string of scams at the Farmers Bank involving loans of around Tk 500 crore that were sanctioned to 11 companies in violation of banking norms and procedures.
Of the amount, loans of more than Tk 367 crore that the bank's Motijheel branch gave to 10 of the companies from November 2013 to November last year have become defaulted. Some of the firms are either obscure or little-known.
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A number of Farmers Bank depositors have filed complaints with the Bangladesh Bank after the scam-hit bank failed to repay them Tk 852 crore of deposits citing a liquidity crunch.
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Bangladesh is moving one step closer to being a cashless society after the central bank gave the go-ahead to a