The good governance of the entire financial sector is in question due to irregularities and corruption of some financial institutions. Therefore, the Chief Executives (MDs) of financial institutions have asked the government and Bangladesh Bank for an outline to bring back good governance in this sector. Besides, a fund of Tk 10,000 crore has been sought at 6 per cent interest to alleviate the liquidity crisis of financial institutions. These demands were made at a meeting of the chief executives of financial institutions with Bangladesh Bank on Wednesday.
The meeting was chaired by Deputy Governor of Bangladesh Bank Ahmed Jamal, Executive Director. Humayun Kabir, general manager. Zulkar Nine was present.
At the beginning of the meeting, the chief executives were asked about the problems in the financial institution sector and what needs to be done to overcome them. At this time the liquidity problem of financial institutions and how to solve it, various financial irregularities which are very bad, how to restructure them, so that NBIFs do not send SMS to customers with unnecessarily high interest offers, Bangladesh Bank and a joint committee of representatives of financial institutions How the Financial Institutions Act can be implemented, what other benefits NBIFs can get in the long-term business model — these issues come up.
Mominul Islam, president of the Bangladesh Leasing and Finance Companies Association (BLFCA) and MD of IPDC, said the crisis of confidence in the entire sector due to financial irregularities by a few companies would not go away overnight. We have talked about formulating an outline to bring back good governance in this sector. To work out this outline with the Ministry of Finance to take initiatives to restructure the weak institutions as well as what kind of punishment and protection of depositors’ money can be ensured in case of such incidents in the coming days. Proposals will be sent in writing by February 24. Then maybe the joint committee will sit and review.
There are currently 36 financial institutions in the country. Of these, six to seven are in extreme crisis due to various financial irregularities. One of them is People’s Leasing and Financial Services. Initiatives have already been taken to liquidate the institution as the depositors have failed to return the money. Several financial institutions, including International Leasing and Financial Services, FAS Finance and Investment, are also unable to repay depositors on time. At the meeting, the chief executives of the financial institutions proposed to restructure these institutions. Three thousand crore rupees has been asked to turn around. Apart from these, except for 10-12 companies which are in liquidity crisis, Tk 4,000 crore has been demanded separately at 6 per cent interest.
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