Bangladesh Bank has issued a fresh directive to scheduled banks following allegations that some institutions have been discouraging customers from investing in government savings certificates despite having designated sales targets.
In a circular issued on Wednesday, the central bank’s Debt Management Department (DMD) said it had recently received complaints from customers at various levels regarding the conduct of certain banks in handling savings certificate investments.
The central bank reminded banks that under Article 3 of the Savings Certificate Rules, 1977, scheduled banks are authorized to act as issuing offices for savings certificates. As such, they are obligated to provide full support to investors and ensure quality service in the sale of these instruments.
Bangladesh Bank instructed bank branches to regularly monitor savings certificate-related activities and maintain proper oversight of the services provided to investors. Branches have also been directed to establish visible customer complaint mechanisms and ensure prompt resolution of grievances.
The directive has been sent to the managing directors and chief executive officers of all scheduled banks in the country.
The central bank’s move is aimed at ensuring greater transparency, accountability, and service quality in the sale of savings certificates, a popular investment instrument among retail investors.
