Bangladesh Bank, the country’s central bank, has directed non-bank financial institutions (NBFIs) to address their high levels of bad loans and meet capital deficiencies by December of this year. During a meeting between Bangladesh Bank officials and the managing directors and chief executives of seven NBFIs, the central bank emphasized the need for a work plan to achieve these objectives. The meeting was presided over by Bangladesh Bank Deputy Governor Kazi Sayedur Rahman and attended by officials from the central bank’s Department of Financial Institutions and Markets.
The central bank plans to hold similar meetings with the remaining NBFIs in phases. The NBFIs in attendance included Lanka Bangla Finance, BD Finance, Prime Finance, Phoenix Finance, and Hajj Finance, among others.
The NBFI sector in Bangladesh has been struggling with a significant volume of defaulted loans. As of June, the sector’s NPLs accounted for 27.65% of its total outstanding loans, with NBFIs collectively reporting defaulted loans amounting to Tk 19,951.17 crore by the end of June, marking a 25.2% increase year-on-year. The increase is attributed to loan irregularities and scams in the sector.
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}