Move to streamline NBFIs'charges, fees, commissions

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FE Report
The central bank has initiated a move for streamlining financial institutions' charges, fees and commissions aiming to protect interests of depositors, investors and clients, officials said.
Bangladesh Bank (BB) issued a circular in this connection Tuesday and asked chief executives and managing directors of all 29 non-banking financial institutions (NBFIs) to maintain the instructions properly.
"We've taken the decision to rationalise the charges, fees and commission of the NBFIs," a senior BB official told the FE, adding that the central bank has formulated the "schedules of charges" on the basis of data, provided by the NBFIs earlier.
The central bank has taken the latest move after detecting inconsistencies in the charges, fees and commissions against loans and services among the NBFIs, the BB official added.
The NBFIs will have to display the list of charges, fees and commissions against their leases and services in head offices as well as in the branch offices. Besides, the list of charges, fees and commissions will be published through their websites, according to the circular.
The NBFIs will not be able to charge more or less from their announced list of charges, fees and commissions.