Business leaders stress good governance in non-bank financial institutions

Businessmen underscored the importance of establishing good governance in both the banking sector and non-banking financial institutions (NBFIs) to foster a smart economy.

They made the call during the inaugural meeting of the Standing Committee on Non-Banking Financial Institutions at the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Sunday (January 28).

Faizur Rahman Bhuiyan, the director in charge of the committee, highlighted the need to control defaulted loans and instill discipline in the financial sector.

"As Bangladesh progresses towards a smart economy, it is crucial to address issues tarnishing the reputation of financial institutions," he added.

Faizur Rahman also urged all stakeholders to take responsibility in preventing irregularities and loan defaults.

Committee Chairman Rajib Parvez emphasised the necessity of good governance, transparency, and accountability to fortify the national economy in both the banking and non-banking financial sectors.

He stressed the importance of fostering a sense of responsibility among entrepreneurs, workers, and other stakeholders in these industries.

Members of the committee, participating in the meeting, echoed the sentiment that establishing good governance in non-banking financial institutions would benefit the country's business, trade, and industry, ultimately contributing to a robust national economy.

FBCCI Director Miss Salma Hussain Ash, Co-Chairman of the Standing Committee on Non-Banking Financial Institutions Golam Sarwar Bhuiyan, and other committee members were also present at the meeting.