The Bangladesh Bank has fined National Bank Tk55 lakh for allowing 11 credit card owners to spend foreign currency way above the designated limit.

Of the 11 defaulters, nine are family members of Zainul Haque Sikder, the bank's former chairman, and two top executives of Sikder Group, according to a Bangladesh Bank probe report.

A total of $10.65 million (about Tk91.4 crore) was spent outside the country through the international credit cards, which is a gross violation of banking rules. This act may be considered as money laundering as well, it added.

National Bank was finned as they did not provide the loan information of the credit cards to the Credit Information Bureau (CIB) of the Bangladesh Bank. On Thursday (13 January), the central bank sent a letter to National Bank in this regard.

Bangladesh Bank fined Tk5 lakh against each of the 11 cards that exceeded the limit of transaction. The fine was imposed throughout December and January.

The central bank also informed that after the matter of the fine is resolved, action might be taken against National bank employees who were involved in the incident, said Bangladesh Bank spokesperson and the executive director of the bank Md Serajul Islam. -TBS