Dhaka, Bangladesh (BBN)– The central bank of Bangladesh has appointed an observer to another non-banking financial institution (NBFI) to improve financial health through strengthening supervision and monitoring, officials said.
A K M Amjad Hussain, general manager of Financial Integrity and Customer Services Department of Bangladesh Bank (BB), has been appointed as the observer to First Finance Limited.
“The central bank has appointed the observer recently to First Finance Ltd to help improve its financial heath through close monitoring,” a BB senior official told BBN in Dhaka.
He also said the observer is empowered to attend its policy-making meetings, including those of board of directors, executive committee and audit committee, to oversee their functions.
The observer has been appointed, as the overall performance of the NBFI has not been in a satisfactory level for the past few months.
Besides, a BB investigation has recently found various irregularities in the NBFI in sanctioning loans, the central banker explained.
The central bank of Bangladesh earlier appointed observers to two NBFIs on the same ground.
Currently, 33 NBFIs are running their business in the country.