Bangladesh Bank yesterday sent show-cause letters to three non-bank financial institutions (NBFIs) over their aggressive attitude in mobilising deposits, which was a breach of rules.
The three are LankaBangla Finance, Prime Finance and Investment, and First Finance.
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They have been persistently sending SMS (short message service) to clients’ mobile phones for long in an attempt to mobilise deposits with offers of high interest rates ignoring a central bank notice.
The June 2018 notice asked all NBFIs to refrain from mobilising deposits by sending SMS with offers of high interest rates.
“This has created an awkward situation for clients,” said the notice.
Bangladesh Bank sought an explanation in seven working days on why punitive measures should not be taken against the three.
Failure to provide a satisfactory answer will result in a penalty, said BB officials. Lanka Bangla rolled out a deposit
Article source: https://www.thedailystar.net/business/economy/banks/news/bb-questions-three-non-banks-fierce-sms-marketing-2137151
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