BB slaps Tk 55 lakh fine on National Bank for defying bank rule

Bangladesh Bank has slapped Tk 55 lakh as fine on National Bank Limited on a charge of violating bank rules.

Eleven credit card holders of the National Bank spent over Tk 91 crore abroad, which is above the usual foreign currency expenditure limit. And the bank also did not submit the information to the Credit Information Bureau of the central bank, which a gross violation of the banking rules.

Nine of the 11 defaulters are the family members of Zainul Haque Sikder, who was the former chairman of the bank. And the two others are top executives of Sikder Group.

The list also includes Rick Haque Sikder and Ron Haque Sikder- sons of Zainul Haque Sikder, also directors of the bank.

The central bank slapped the fine Tk 5 lakh on each of the 11 credit cards, according to a recent investigation report over the matter by Bangladesh Bank.

According to the probe report, through the international credit cards, over Tk 91 crore was spent in foreign countries. The expenditures also may be considered as money laundering and gross violation to the banking rule.

A letter was sent to National Bank about informing the matter on Thursday.

Md Serajul Islam, executive director and spokesperson of Bangladesh Bank, told media that the central bank may take appropriate actions against those involved in this anomaly.