Top executives of the non-bank financial institutions (NBFIs) requested Bangladesh Bank (BB) Governor Abdur Rouf Talukder on Sunday to lift the existing interest cap on deposit.
The NBFI high-ups made the request during a meeting with the central bank governor at its headquarters.
When contacted, BB spokesperson Md. Serajul Islam said the governor invited the top executives for an interaction after assuming the office.
In the meeting, the NBFI high-ups said they face problems in terms of expanding their deposit portfolio because of the existing 7.0 per cent interest cap.
They opined that the banks offer deposit at the rate of 6.0 per cent; but the cap is not viable enough for the NBFIs, whose cost of fund is little higher.
They requested the BB governor to lift the cap, so that the NBFIs can get more deposit, according to him.
Mr. Islam also said the governor asked the high-ups to properly follow the BB regulations in running their business. Otherwise, the central bank would act strictly.
The governor also asked the NBFI managing directors and chief executive officers to inform the central bank, if their board members unethically interfere into their operations.
The meeting was held at a time when the NBFIs were struggling to run their operations smoothly - mainly due to rise in defaulted loans and poor deposit growth.
On September 4, the BB relaxed its policy on rescheduling classified loans by the NBFIs in line with the relaxed rescheduling policy for the banks.
The new loan-rescheduling policy would allow the defaulters to repay their term loans for a period of six years for the first time, five years for the second time, and another five years for the third time.
Even the defaulters might get the rescheduling facility for the fourth time following special consideration.
For the first time rescheduling, the minimum down payment would be 4.0 per cent of the total arrears or 7.0 per cent of the default installments, whichever amount would be lower.
For the second time, the minimum down payment would be 5.0 per cent of the total arrears or 8.0 per cent of the default installments.
For the third time, the down payment would be 6.0 per cent of the total arrears or 9.0 per cent of the default installments.
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