NBFIs for lifting of 7% interest-rate caps on deposits
The non-bank financial institutions (NBFIs) have demanded the withdrawal of the 7% interest-rate caps on deposits.
They made the demand at the first meeting of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Standing Committee on Non-Banking Financial Institutions held in Dhaka Wednesday.
According to the instruction of the Bangladesh Bank, NBFIs cannot offer more than 7% interest on deposits, lower than what the banks offer to their clients, the committee said. "The central bank's loan moratorium facilities apply only to banks, making these policies discriminatory to the country's NBFIs."
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Also, the committee urged the central bank to increase the size of the refinancing scheme for the NBFIs.
FBCCI President Md Jashim Uddin said, "There should not be any policy of discrimination between the banks and NBFIs. The FBCCI will soon take the issue of interest-rate caps on deposits to the central bank."
