Dhaka, Bangladesh (BBN) – The central bank of Bangladesh has started strict monitoring of non-banking financial institutions (NBFIs) as their involvement in the financial market is on the rise, officials said.

The central bank issued three circulars in this connection on Thursday last and asked the NBFIs to follow the new instructions properly.

The Bangladesh Bank (BB) has asked the NBFIs to send it a list of top 10 loan defaulters every three months. Currently, the BB collects such lists only from the commercial banks.

Besides, the NBFIs will also have to send the central bank information about the cases they file with the courts against the loan defaulters.

In a circular the BB said it has decided to collect information regarding such cases filed by the NBFIs.

The BB also asked all financial institutions to set up “complaint cells” to receive complaints from the customers and ensure their speedy disposal.

The central bank has directed them to form the cells within the next one month and send it the names and particulars of the officials posted in the cells.

The BB has also taken a fresh move to enact a new law to impose various restrictions regarding tenure and number of directors of the NBFIs like that in the commercial banks.

BBN/SSR/AD-07Agu11-1:23 am (BST)