STAR BUSINESS DESK

SBAC Bank PLC yesterday signed a memorandum of understanding (MoU) with the National Pension Authority (NPA) to facilitate and promote the Universal Pension Schemes.

Md Mahiuddin Khan, executive chairman of the NPA, and Md Rabiul Islam, managing director and chief executive officer (current charge) of the bank, signed the MoU at the conference room of the Finance Division under the Ministry of Finance in Dhaka, according to a press release.

Under the terms of the agreement, SBAC Bank will be authorised to register individuals and collect monthly instalments for various Universal Pension Schemes -- namely Pragoti, Surakkha, Samata and Probash --through both online and offline channels.

Md Khairuzzaman Mozumder, secretary of the finance division, attended the ceremony as the chief guest.

Md Masoodur Rahman, senior executive vice-president and head of banking operations division at the bank, was also present, along with senior officials from both organisations.