Dhaka, Bangladesh (BBN) – Bangladesh Bank (BB) has approved two more non-banking financial institutions (NBFIs) aiming to attract venture capital, officials said.
The decision came at a meeting of the BB’s board of directors, held at its central office on Wednesday, with BB Governor Atiur Rahman in the chair.
The two approved NBFIs are: CAPM Venture Capital and Finance Limited and Meridian Finance and Investment Limited.
“Our board has decided to issue letters of intent (LoI) to the approved two NBFIs, giving them a period of six months to comply with the existing rules and regulations for setting up new financial institutions,” SK Sur Chowdhury, deputy governor of the BB, told BBN in Dhaka.
“We’ll issue licenses to the NBFIs after their proper compliance with all conditionalities,” Mr. Sur said, adding that loan defaulters and tax evaders would not be allowed to be the directors of new financial institutions.
The authorities concerned of the approved NBFIs will have to deposit the amount of their paid-up capital worth Tk 1.0 billion with the central bank, before starting their operation, the BB deputy governor added.
Currently, 31 NBFIs are running their businesses in Bangladesh.
BBN/SSR/AD-05Mar14-9:40 pm (BST)