Financial Institutions To Take Mandatory Permission From Bangladesh Bank
DHAKA: BDST: 2011 HRS, MAR 29, 2012
It is mandatory for financial
institutions to take permission from Bangladesh Bank (BB) to form any new
subsidiary company for investment. Besides, the institutions, which are
investing through forming subsidiary
companies violating the ‘Financial
Institution Act-1993’, they have to withdraw investment by September 30.The
central bank issued a gazette notification by giving the directives to the financial
institutions Thursday. The notification said it was observed that the tendency
of investing through forming subsidiary company has been increased among
financial institutions. It raised the investment risk of the institutions. So,
they have to take permission from Bangladesh Bank for minimizing the risk.
Source: banglanews24.com
