Banks busy on last day of FY15

The last day of 2014-15 financial year (FY15) was a busy day for the country’s banking sector as both the bankers and their major clients were settling their accounts balance for the outgoing fiscal, reports BSS.
There will be no public transactions at the scheduled banks today, the first day of new 2015-16 financial year (FY16). Dhaka and Chittagong stock exchanges will also remain closed on the day.
Most of the bank branches in the capital yesterday saw a huge crowd of clients from the beginning of the business hours, which were rescheduled half an hour ahead, beginning from 9:30 in the morning to close at 3:30 in the afternoon for the holy month of Ramadan. The usual banking hours before and after Ramadan is 10am to 4pm.
A banker at the Uttara Bank Ramna branch in the capital city said this year they had more rush of clients yesterday, the last day of FY15 as daily transactions rose significantly for spending for Ramadan and the coming Eid.
An official at the Bank Asia said retail customers were busy in getting their salary and bonus from both the bank’s tellers and from the ATMs (automated teller machines).
The business customers were settling their business accounts to get a fresh start in the coming financial year, the banker said as he was dealing with a business customer for settling his LCs (letters of credit).
People were also seen in front of some ATMs in the capital’s prime commercial hub Motijheel where people were withdrawing and depositing cash to ignore the longer queues inside the banks.
There were rush at Bangladesh Bank (BB) and the designated banks as people were queuing for buying new notes or changing their old and worn out notes.
Despite the huge rush for Ramadan, Eid and the fiscal year closing, money supply to the banking sector was steady, with call money rate remaining stable. Most banks borrowed money from the call money market at interest rates ranged between 6.25 per cent and 5.0 per cent. According to BB, the daily demand for call money was below five thousand crore in June when the total transaction from July 1-24 was Tk 31 thousand 954 crore. The highest call rate during this period was 6.25 per cent and the lowest was 5 per cent.

Banks busy on last day of FY15

The last day of 2014-15 financial year (FY15) was a busy day for the countrys banking sector as both the bankers and their major clients were settling their accounts balance for the outgoing fiscal, reports BSS. There will be no public transactions at the scheduled banks today, the first day of new 2015-16 financial year (FY16). Dhaka and Chittagong stock exchanges will also remain closed on the day. Most of the bank branches in the capital yesterday saw a huge crowd of clients from the beginning of the business hours, which were rescheduled half an hour ahead, beginning from 9:30 in the morning to close at 3:30 in the afternoon for the holy month of Ramadan. The usual banking hours before and after Ramadan is 10am to 4pm. A banker at the Uttara Bank Ramna branch in the capital city said this year they had more rush of clients yesterday, the last day of FY15 as daily transactions rose significantly for spending for Ramadan and the coming Eid. An official at the Bank Asia said retail customers were busy in getting their salary and bonus from both the banks tellers and from the ATMs (automated teller machines). The business customers were settling their business accounts to get a fresh start in the coming financial year, the banker said as he was dealing with a business customer for settling his LCs (letters of credit). People were also seen in front of some ATMs in the capitals prime commercial hub Motijheel where people were withdrawing and depositing cash to ignore the longer queues inside the banks. There were rush at Bangladesh Bank (BB) and the designated banks as people were queuing for buying new notes or changing their old and worn out notes. Despite the huge rush for Ramadan, Eid and the fiscal year closing, money supply to the banking sector was steady, with call money rate remaining stable. Most banks borrowed money from the call money market at interest rates ranged between 6.25 per cent and 5.0 per cent. According to BB, the daily demand for call money was below five thousand crore in June when the total transaction from July 1-24 was Tk 31 thousand 954 crore. The highest call rate during this period was 6.25 per cent and the lowest was 5 per cent.