NFBIs demand withdrawal of cap on deposit interest
The non-bank financial institutions have demanded withdrawal of the 7 per cent interest cap on deposit.
They came up with the demand at the first meeting of the Federation of Bangladesh Chambers of Commerce and Industry's standing committee on non-banking financial institutions, held at the FBCCI office in Dhaka today.
As per the instruction given by Bangladesh Bank, NBFIs cannot offer more than 7 per cent interest on deposit, which is lower than the banks offer to their clients, the committee said.
Therefore, this circular puts the NBFIs at unfair competition with the banks. The central bank's loan moratorium facilities are also applicable only on banks and thus these policies are discriminatory to the country's NBFIs, members of the committee added.
They also urged the central bank to increase the size of the refinancing scheme for NBFIs.
Expressing solidarity with the demands made at the meeting, FBCCI President Md Jashim Uddin said the FBCCI will soon take the issue of cap on deposit interest to the table of the central bank.
There should not be any discriminatory policies between banks and NBFIs, president opined.
Chairman of the FBCCI Standing Committee Matiur Rahman chaired the meeting.
Among others, Director in-charge of the Committee SM Jahangir Alam (Manik), Co-chairmen Mominul Islam, Mohammed Jamal Uddin, Kanti Kumar Saha, other committee members, FBCCI Directors Md Rejaul Kariem Rejnu, Bijoy Kumar Kejriwal, Secretary General Mohammad Mahfuzul Hoque were also present.