BB warns against illegal deposit collection
Star Business Report
As a section of people and groups are engaged in collecting deposits from the public without authority, Bangladesh Bank (BB) yesterday warned them against this in violation of the existing laws related to banking and financial activities.Excepting the institutions set up under the Bank Company Act 1991, Financial Institutions Act 1994 and Grameen Bank Ordinance 1983, none can take deposits from the members of the public, said a central bank statement. Besides, the central bank said, co-operatives associations established under the Co-operatives Association Act 2001, should only be allowed to receive deposits from its members and disburse loans among them as per provision of the act. No other individuals or institutions shall be allowed to receive deposits and disburse loans, said the BB statement which came in view of a rising trend of such banking activities carried out by some unauthorised bodies. The central bank statement said it is an unlawful act and punishable offence to collect deposits from the public by any unauthorised body. Legal action would be taken against anybody engaged in such illegal activities, the BB warned.
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