Non-bank financial institutions (NBFIs) should build trust among people since the confidence of many savers has received a blow after they lost money owing to irregularities, Industries Minister Nurul Majid Mahmud Humayun said today.
The direction came through a Bangladesh Bank notice May 24
Non-bank financial institutions in Bangladesh lost 48,637 deposit accounts in the three months to December as savers moved away from NBFIs owing to the imposition of the cap on the deposit rate and the erosion of confidence in the wake of allegations of irregularities at some banks.
Cost and management accountants yesterday proposed that the government tax either loans waived by commercial banks and non-bank financial institutions or the interest accrued on the loans to discourage defaulting on loans.
Non-bank financial institutions (NBFIs) have been witnessing a persistent fall in deposits for the past one year as many clients withdrew their savings to manage expenses amid the soaring cost of living and lower returns.