Business and Finance News:
The Bangladesh Bank’s Board of Directors has given preliminary approval for the closure or winding up of five non-bank financial institutions (NBFIs) in the country. The process of closing or winding up these institutions will begin from next July.
The decision was made at a meeting of the Central Bank’s Board of Directors on Tuesday.
The institutions that are closed or have suspended operations are: FAMS Finance, First Finance, Abhibha Finance, Peoples Leasing, and International Leasing.
According to sources, the default rate on loans from these institutions has reached nearly 100 percent from 93 percent. They have been unable to recover loan funds for a long time, leading to failure to return depositors’ money. Bangladesh Bank has taken this decision due to the failure to return funds from defaulters. The institutions will be closed or put through the liquidation process under the purview of the Bank Regulation Act.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report