Deposit Insurance Department email@example.com
|Name & Designation||Telephone||Fax|
|Kazi Sayedur RahmanDeputy Governor||880-2-9530401||--|
|Nurun NaharExecutive Director||880-2-8033650||--|
|A F M Shahinul IslamGeneral Manager (G)||88-02-9530179||--|
Deposit insurance is a system established by the Government to protect depositors against the loss of their deposits in the event that a scheduled bank is unable to meet its obligations to depositors. Deposit Insurance was first introduced in August 1984 as a scheme in terms of The Bank Deposit Insurance Ordinance 1984. In July 2000 the Ordinance was repealed by an Act called "The Bank Deposit Insurance Act 2000". Deposit Insurance in Bangladesh is now being administered by this Act. In 2006 Bangladesh Bank became the member of International Association of Deposit Insurers (IADI).
Objectives of the department:
Deposit Insurance Scheme is designed to protect small depositors, enhance public confidence, enhance market discipline, enhance stability of the financial system, ensure orderly payment system in case of winding up of any insured bank, Increase savings and encourage economic growth.
There are two divisions in the department.These are :
- Deposit Insurance Division.
- Liquidated Bank Monitoring Division.
Function of the department:
The functions accomplished by this department is addressed below;
- Preparation of Half-Yearly (30-June/31-December) Deposit Insurance Premium Worksheet of all scheduled Banks including foreign banks branches operating in Bangladesh.
- Realization of half-yearly Deposit Insurance Premium from all scheduled banks including foreign banks branches operating in Bangladesh
- Premium collected from the insured banks and all other receivables are deposited into an account called the Deposit Insurance Trust Fund (DITF) maintained at the Bangladesh Bank.
- Investment of premium in the Government Securities in time and the income derived from such investments is also credited to the DITF account for further investment.
- Preparation of Statement of Deposit Insurance Premium position on half-yearly and yearly basis.
- Preparation of special statement for Asia Pacific Regional Committee (APRC), IADI , and other International Organizations (WB, IMF etc.) as and when required.
- In case of winding up of an insured bank, BB will pay to every depositors of that bank an amount equal to his/her deposits not exceeding Taka one Lac.
- Preparation of Annual Financial Report of DITF.
- Management of total fixed and liquid assets as well as liabilities of the liquidated banks .
- Management of court cases regarding the liquidated banks through consultation with the legal Retainers .