Non-Bank Financial Institutions demanded the withdrawal of the 7 percent interest cap on deposit. They came up with the demand at the first meeting of the FBCCI standing committee on Non-Banking Financial Institutions held on Wednesday afternoon at FBCCI.
Speakers at the meeting informed, as per the instruction given by Bangladesh Bank, NBFIs cannot offer more than 7% interest on deposit which is lower than the banks offer to their clients. Therefore, this circular puts the NBFIs at unfair competition with the Banks.
Central Bank’s loan moratorium facilities are also applicable only banks and thus these policies are discriminatory to 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 demand made at the meeting, FBCCI President Md. Jashim Uddin said, FBCCI will soon take the issue of cap on deposit interest to the table at the Central Bank. There should not be any discriminatory policies between Banks and NBFIs, president opined.
Chairman of the Standing Committee Matiur Rahman chaired the meeting.
Among others, Director in-charge of the Committee S.M. 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 present at the meeting.
