• Wednesday, Jun 19, 2019
  • Last Update : 04:57 pm

Bangladesh Bank: Banks must construct vaults with own budgets

  • Published at 11:54 pm January 10th, 2019
Vaults_Bigstock
Photo: Bigstock

The circular has been issued by the central bank’s Banking Regulation and Policy Department

All banks must construct vaults with their own budget, instead of sharing expenses with building owners, said a circular issued by Bangladesh Bank (BB)  on Wednesday.

The circular, issued by the central bank’s Banking Regulation and Policy Department, read that vaults are sensitive infrastructures which must be constructed according to the guidelines set by BB.

The circular further read that BB is aware of some banks sharing vault-building costs with building owners, which do not often meet the required standards, and as a result exceed construction costs.

Banks’ authorities should therefore maintain the guidelines and construct the vaults using their own budgets, the circular added.

The circular also stated that besides  constructing vaults using their own finances, banks will transfer vaults on their own should they relocate their branches.

It was mentioned also that Tk1,850 can be spent per square feet, apart from IT equipments and air conditioners while constructing vaults. 

Additionally, Tk1,250 per square feet can be spent at most if a bank has to relocate. 

The cost of IT equipments and air conditioners must be kept at a reasonable rate, while decoration materials must be eco-friendly as well.