Nine banks fined for not submitting mutilated notes separately

FT ONLINE 

The Bangladesh Bank fined nine banks, including two state-owned banks, today for not complying with the note refund regulations related to submitting notes.

Of these banks, two state-owned banks are Sonali Bank and Janata Bank while the private ones are Prime Bank, Mercantile Bank, Al-Arafah Islami Bank, Southeast Bank, National Bank, Pubali Bank, and Jamuna Bank.

Sonali Bank will have to pay Tk250,000 and the rest of the banks Tk50,000 each, as a penalty. These banks will have to submit the money to the central bank within next Thursday.

If any bank fails to pay the money within the deadline, it will be adjusted from that bank's account with the Bangladesh Bank's Motijhil office, said a central bank official.

When a bank submits different types of notes at the same time, the central bank finds it hard to sort out them out. So, the Bangladesh Bank issued an instruction on May 21, 2019 to submit altered, mutilated, and cancelled notes separately.