In the wake of allegations that despite being listed banks for selling savings certificates, Bangladesh Bank has issued strict instructions to all scheduled banks in the country to discourage customers from investing in savings certificates in various ways.
The banks have been warned to continue the sale of savings certificates and ensure the necessary services to the customers.
This instruction was given in a circular issued by the Debt Management Department (DMD) of Bangladesh Bank on Wednesday (June 24).
The letter has been sent to the managing directors (MD) and chief executive officers (CEOs) of all scheduled banks in the country.
The circular said that recently complaints have been received from customers at different levels that despite being approved for selling savings certificates, some banks are discouraging customers from investing in savings certificates through various processes.
The matter has come to the attention of Bangladesh Bank.
In this situation, the central bank has directed the banks to play a responsible role as the issue offices of savings certificates as per Article-3 of the Savings Certificate Rules, 1977.
At the same time, it has been asked to provide all-out cooperation to investors in selling savings certificates and ensure the quality of service.
The directive also states that the activities related to savings certificates at the branch level of banks should be regularly monitored.
In addition, the system for receiving customer complaints should be displayed in a visible place in the branch and necessary action should be taken immediately after receiving the complaint.
The directive signed by DMD Director Istekmal Hossain has asked banks to take necessary steps to ensure all related services including the sale of savings certificates properly.
