Bangladesh Bank has issued a strict directive warning all scheduled commercial banks to immediately stop discouraging customers from investing in national savings certificates locally known as Sanchayapatra.
The central bank instructed all banks to ensure the uninterrupted sale of these instruments and to provide fully hassle-free service to retail investors.
The directive was issued on Wednesday via a circular from BB's Debt Management Department (DMD) and dispatched to the managing directors and chief executive officers of all scheduled banks across the country.
According to the circular, the central bank recently received numerous complaints from the public. Investors alleged that several banks despite serving as authorized agents were employing various tactics to discourage them from purchasing national savings instruments often to prioritize the banks' own deposit products.
Taking the issue seriously, Central Bank ordered commercial banks to strictly fulfill their designated roles as authorized "issuing offices" under Section 3 of the Savings Certificates Rules, 1977. The central bank emphasized that banks must extend full cooperation to investors and elevate their overall standard of customer service.
To enforce compliance, the central bank has mandated that commercial bank headquarters regularly monitor Sanchayapatra operations at the branch level.
Additionally, branches have been directed to install visible complaint boxes or notice boards so customers can easily report service issues. Branch management must take swift corrective measures upon receiving any grievances.
The circular, signed by DMD Director Istekmal Hossain, stressed that all scheduled banks must take immediate and necessary steps to guarantee that the sale of savings certificates and related customer support runs smoothly and without interruption.
