NGOs want MRA to reconsider decision on term deposits
Thursday, 4 October 2007
FE Report
NGOs and micro-credit organisations have demanded of the Microcredit Regulatory Authority (MRA), to reconsider its decision not to allow NGOs (non-governmental organisations) to accept long-term deposits from their members.
"Savings is a bulwark against any financial insecurity and the latest MRA move is a blow to the thousands of micro-credit receivers," a joint statement signed by Credit and Development Forum (CDF), Federation of NGO's in Bangladesh (FNB) and International Network of Alternative Financial Institutions (INAFI) said Wednesday.
M Fariduddin of CDF, M Tajul Islam of FNB and Mohammad Atikun Nabi of INAFI signed the statement.
The micro-credit receivers so far deposited Tk 23.43 billion paving the way for domestic resource mobilisation to contribute to the economy of Bangladesh.
"There should not be any suspicion on the efficiency and integrity of the NGOs because no micro-credit agency can operate without the licence of MRA," the statement said.
NGOs and micro-credit organisations have demanded of the Microcredit Regulatory Authority (MRA), to reconsider its decision not to allow NGOs (non-governmental organisations) to accept long-term deposits from their members.
"Savings is a bulwark against any financial insecurity and the latest MRA move is a blow to the thousands of micro-credit receivers," a joint statement signed by Credit and Development Forum (CDF), Federation of NGO's in Bangladesh (FNB) and International Network of Alternative Financial Institutions (INAFI) said Wednesday.
M Fariduddin of CDF, M Tajul Islam of FNB and Mohammad Atikun Nabi of INAFI signed the statement.
The micro-credit receivers so far deposited Tk 23.43 billion paving the way for domestic resource mobilisation to contribute to the economy of Bangladesh.
"There should not be any suspicion on the efficiency and integrity of the NGOs because no micro-credit agency can operate without the licence of MRA," the statement said.