Don't discourage customers from buying savings certificates, BB warns banks
Furthermore, the central bank mandated that commercial bank headquarters must regularly monitor savings certificate operations at the branch level.
The Bangladesh Bank today (24 June) issued a strict directive to all scheduled commercial banks, warning them to immediately cease discouraging customers from investing in national savings certificates (Sanchayapatra).
The central bank instructed all banks to continue the sale of savings certificates seamlessly and ensure fully hassle-free services for retail investors.
The Debt Management Department (DMD) of the central bank issued a circular yesterday, dispatching it to the managing directors and chief executive officers of all scheduled banks across the country.
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According to the circular, the central bank has recently received numerous complaints from public investors alleging that several banks, despite being authorised agents, are employing various tactics to discourage customers from purchasing national savings instruments.
According to the circular, the central bank has recently received numerous complaints from public investors alleging that despite being authorised agents, several banks are employing various tactics to discourage customers from buying national savings instruments.
Taking the matter seriously, the central bank ordered all commercial banks to strictly perform their designated roles as authorized "issuing offices" under Section 3 of the Savings Certificates Rules, 1977. It ordered banks to extend full cooperation to investors and upgrade their overall standard of service.
Furthermore, the central bank mandated that commercial bank headquarters must regularly monitor savings certificate operations at the branch level.
Banks have also been directed to distinctively set up complaint boxes or notice boards in visible areas across all branches, so customers can easily report issues. Branches must take swift corrective measures upon receiving any grievances.
The directive, signed by BB's DMD Director Istekmal Hossain, emphasised that all scheduled banks must take immediate, necessary measures to guarantee that the sale of savings certificates and related customer support runs smoothly without interruption.
