Mutual Trust Bank signs new agreement with East West University for payroll banking and cash management services

Mutual Trust Bank PLC (MTB) and East West University have recently entered into a significant agreement under which the bank will provide comprehensive payroll banking and cash management services for the institution’s teaching and non-teaching staff, along with its students. The agreement was formally exchanged during a modest ceremony held on the university’s Aftabnagar campus in Dhaka.

Professor Dr Mohammed Farashuddin, Chairperson of the Board of Trustees of East West University, and Syed Mahbubur Rahman, Managing Director and Chief Executive Officer of MTB, represented their respective institutions at the event, according to a press release.

Under the newly signed arrangement, MTB will collect the university’s tuition fees, undertake all payment-related responsibilities, and ensure payroll banking facilities for university employees. The partnership is expected to make the university’s financial processes more efficient, streamlined, and technologically advanced.

Those present from East West University included Vice Chancellor Professor Shams Rahman, Pro-Vice Chancellor Professor Dr Mohammad Ashik Mosaddik, Treasurer Air Cdre. Ishfaq Ilahi Choudhury (Retd.), Registrar Mashfiqur Rahman, and Md Touhidul Islam FCA, Director of Finance.

Representing MTB were Deputy Managing Director and Head of Retail Banking Division Md Shafquat Hossain, Head of Retail Segment Tahsin Taher, Head of Cash Management, Transaction Banking Mohammad Ashik Iqbal Khan, and Head of Payroll Banking Rashid Ahmed Bin Wali, as well as several other senior officials.

Meanwhile, the High Court’s earlier stay order on the increased fees at Chattogram Port has been withdrawn, clearing the way for the revised rates to be collected. The chamber judge of the Supreme Court lifted the injunction last Tuesday, prompting the port authority’s chief finance and accounts officer to issue a circular on Sunday authorising fee collection at the new rates. Port Secretary Md Omar Faruk confirmed that no legal impediment remains.

Although port users and traders had raised objections after the fees were increased by up to 41 percent, the port authority maintained that such an adjustment was justified as the rates had remained unchanged since 1986. On 9 November, the High Court temporarily suspended the hike following a writ petition filed by the Bangladesh Maritime Law Society. After a leave-to-appeal submission by the shipping ministry, Justice Farah Mahbub overturned the suspension. Petitioner’s lawyer Mahiuddin Abdul Quader confirmed the development.

KhaborwalaAJ