No action yet taken against Union Bank for fund mismatch

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No action yet taken against Union Bank for fund mismatch
No action yet taken against Union Bank for fund mismatch

No action yet taken against Union Bank for fund mismatch

The Bangladesh Bank has not yet taken any punitive measure against Union Bank despite finding a fund mismatch at a vault of the lender’s Gulshan branch.

A central bank inspection team on September 20 discovered that the branch had adjusted the shortage of funds at its vault through cheque.

Some Tk 31 crore was supposed to be stored at the vault of the branch, but the BB officials found Tk 12 crore there.

The central bank also sent a letter last month asking the bank to explain the mismatch at the vault.

 

Md Serajul Islam, spokesperson and an executive director of the BB, said the central bank had not taken any punitive measure against the bank.

Union Bank has recently sent back the letter, he said, adding that the BB will take the next step based on the letter.

He said the lender had recently withdrawn some officials of the branch due to their negligence to this end.

 

Union Bank also formed a probe to investigate the matter.

Meanwhile, the cabinet division asked the financial institutions division on October 13 to update it about the investigation.

The ministry will provide the information to the cabinet division after getting information from the central bank, an official of the ministry said.

 

 

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