NBFIs must raise capital to Tk 1b

Central bank keeps deadline unchanged

Bangladesh Bank has not extended deadline for raising paid-up capital of Non-Banking Financial Institutions (NBFIs) to Tk 1 billion, hence they must fulfill the condition by June 30.

BB Deputy Governor SK Sur Chowdhury said it to the journalists after a meeting with Bangladesh Leasing and Finance Companies Association (BLFCA) yesterday in the city.

President of BLFCA Asad Khan, however, told the journalists that increasing paid-up capital to Tk 1 billion is quite impossible by June 30 as some of NBFIs even have not got SEC approval yet to release IPO.

Central bank Governor Dr. Atiur Rahman presided over the meeting held at the BB conference room.

BLFCA members and BB officials were also present at the meeting.

“We have not extended the deadline. Hence, the five NBFIs who are yet to increase their paid-up capital to Tk 1 billion must meet requirement by June 30 (today),” said SK Sur Chowdhury.

The NBFIs also need to start working on issuing IPO (Initial Public Offering) in the stock market, he added.

The central bank deputy governor warned of tougher action against those who would fail to meet the requirements.

Source: Daily Sun, May 30, 2012

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