NBFIs asked to stop high spending in name of deposit collection
This photo is collected from gvcloudsecure.com
The Bangladesh Bank has asked non-bank financial institutions (NBFI) to refrain from unacceptable and unethical spending in the name of collecting deposits.
A circular, issued by the central bank to managing directors and CEOs of NBFIs, said that in recent times it has been noticed that some financial institutions spent money showing it as development cost, business development cost, etc, which increases expenditure illogically and influences them to raise their interest rates.
Besides, the institutions have to update the information of interest rates of loan and deposit on their website, to be effective immediately.
Keep updated, follow The Business Standard's Google news channel
