Non-banking financial institutions (NBFIs) on Wednesday demanded withdrawing of the 7% interest cap on deposits.
They made the demand at the first meeting of the Federation of Bangladesh Chambers of Commerce and Industry's standing committee on NBFis, held at the FBCCI office in Dhaka.
As per the instruction given by Bangladesh Bank, NBFIs cannot offer more than 7% interest on deposit, which is lower than the banks offer to their clients, the committee said.
Therefore, this circular puts the NBFIs at unfair competition with the banks.
The central bank's loan moratorium facilities are also applicable only on banks and thus these policies are discriminatory to the country's NBFIs, members of the committee added.
They also urged the central bank to increase the size of the refinancing scheme for NBFIs.
FBCCI president Md Jashim Uddin said the FBCCI will soon take the issue of cap on deposit interest to the table of the central bank.
There should not be any discriminatory policies between banks and NBFIs, he opined.
Chairman of the FBCCI Standing Committee Matiur Rahman chaired the meeting.
Among others, Director in-charge of the Committee SM Jahangir Alam (Manik), Co-chairmen Mominul Islam, Mohammed Jamal Uddin, Kanti Kumar Saha, other committee members, FBCCI Directors Md Rejaul Kariem Rejnu, Bijoy Kumar Kejriwal, Secretary General Mohammad Mahfuzul Hoque were also present.