FBCCI for equal policy entitlements to NBFIs

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin on Wednesday underscored the need for equal policy support to the Non-Bank Financial Institutions (NBFIs) as like banks.

The president said this at the maiden meeting of the FBCCI standing committee on NBFIs held at the Federation Bhaban in the city, said a press release, reports BSS.

At the meeting, NBFIs demanded that the authorities withdraw 7 percent interest cap on deposits.

Referring to a BB instruction, the speakers said NBFIs cannot offer more than 7 percent interest on deposits which is lower than what the banks offer to their clients.

Therefore, this circular puts the NBFIs in an unfair competition with the banks, they added.

They mentioned that central bank's loan moratorium facilities are also applicable only banks and thus these policies are discriminatory to country's NBFIs.

They urged the Central Bank to increase the size of the refinancing scheme for NBFIs.

Expressing solidarity with the demand made at the meeting, 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 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 and Secretary General Mohammad Mahfuzul Hoque were present at the meeting.