Anomaly in bank practices
Tawfeeq Yusuf, Dhanmoni R/A, Dhaka
I would like to draw the attention of the finance minister, the governor of Bangladesh Bank and the MDs of nationalised and private banks to an anomaly in the banking system of our country regarding the realisation of interest against given loan to its clients and interest given against the clients' deposits.Surprisingly, the banks charge interest from clients quarterly whereas disburse interest half-yearly. This double standard in calculation of interest is against normal justice. This practice should be changed as early as possible, better from July 2004. In both cases, the calculation should be either quarterly or half-yearly.
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