Banks want a single regulatory reporting format through an authenticated mail address instead of existing multiple reporting to avoid complexities, according to a survey.
There should be "maker and checker" option while sending these reports, the bankers said in the survey conducted by Bangladesh Institute of Bank Management (BIBM) recently.
The BIBM team conducted a survey on 21 banks in credit, trade services, finance and accounts departments, treasury, risk management and office of the CAMELCO.
The central bank officials also participated in the survey on "Regulatory reporting requirement for banks in Bangladesh."
An eight-member team comprising bankers and academics conducted the survey led by BIBM Professor Dr Shah Md Ahsan Habib.
The banks now have to submit some 70 credit-related reporting to Bangladesh Bank. These reports are submitted either online or via soft copy, hard copy format or both online and soft/hard copy format.
The bankers said preparing reports in line with the requirement for the central bank is time-consuming.
It also requires significant man hour to complete the report, sometimes in multi format, which is a concern for the authority, they said.
They bankers demanded introduction of separate reporting templates for Islamic banks.
They said training/workshop for reporting officials of the bank can be organised to ensure improved understanding of the purpose and effect of the reporting.
The BB can issue guidelines or necessary instructions for the preparation of the reports, which will help the relevant personnel to complete and submit the report appropriately, the survey said.
There should be an admin options to create multiple makers and checkers for online reporting, the bankers said.
They said there should be an option for data upload for taka-related Interbank Foreign Exchange Transactions in the online market monitoring portal.
The bankers want to revise their reports submitted in the web portal until the deadline is over.
Common data warehouse for all banks and financial institutions can be established with necessary field so that the BB can prepare various statements as per their requirement, the survey said.
In order to fulfill various reporting requirements by the BB, it is important to have a strong IT infrastructure with skilled human resources.
Banks may consider the establishment of separate department/unit for accomplishing the reporting related tasks, bankers said.
They bankers demand avoiding the issuance of letters or mails for punishment action against reporting officer for unintentional error
However, the central bank said reporting should be considered an effective tool for monitoring and better risk management instead of considering mere compliance.
