The initiator of the concept of the Migrants Sponsored Banking (MSB) system in Bangladesh has got recognition from the central bank.
Md Bayazid Sarker, a joint director of the central bank, received ‘Bangladesh Bank Employees’ Recognition Award 2015’ this week. M Fazle Kabir, governor of the central bank, handed over him the award at an in-house event.
Mr Sarker is now working with the foreign exchange policy department of the central bank. He has been recognised for his contribution to conceptualise the MSB system.
Through the intensive research, he floated the idea of establishing expatriate investment bank or wage earners’ bank in 2007.
In this connection, the senior central bank official presented a research paper at the 16th biannual conference of the Bangladesh Economic Association where he outlined the establishing Non-Resident Bangladeshi (NRB) Bank under the framework of the MSB.
Later, he submitted the paper to the banking policy and regulation department of the bank he worked for. He also presented the concept at an international seminar in Malaysia in 2008.
Having different feedbacks after these submissions, Mr Sarker revised his paper and submitted a formal proposal to both the finance minister and the governor of the central bank to establish NRB Bank in the country. He also registered his work with the country’s copyright office as an intellectual property.
Reviewing his proposal in detail, the central bank in 2011 finally sought an application for establishing NRB Bank in the country. Later, it issued banking licences for three NRB banks – NRB Bank Ltd, NRB Commercial Bank and NRB Global Bank.
