Regulatory Alerts2023-02-13
Added
DFIM Circular Letter No. 03: Collecting and Preserving Audited Financial Statements in Loan Files for Approval and Renewal of Loans of Financial Institutions
This circular extends the effective date for the requirement to collect and preserve audited financial statements for Cottage, Micro, and Small sub-sectors within the MSME sector from January 1, 2023, to January 1, 2025. This extension applies specifically to institutions in these sub-sectors that are classified as public interest entities under Section 2(8) of the Financial Reporting Act, 2015. All other instructions from the referenced circulars remain unchanged.
Department of Financial Institutions and Markets Bangladesh Bank Head Office Dhaka. Ref No.: DFIM.Circular.No.03 DFIM Circular Letter No.-03 Managing Director / Chief Executive Officer All Financial Institutions operating in Bangladesh.
Dear Sir,
Subject: Collection and proper preservation of audited financial reports in the context of loan approval/renewal.
Reference is drawn to your attention to DFIM Circular No.-08 issued on August 17, 2021, and DFIM Circular Letter No.-04 issued on March 29, 2022.
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Through DFIM Circular Letter No.-04/2022, instructions were provided that Instruction 01 of DFIM Circular No.-08/2021 will be effective from January 1, 2023, for institutions in the Cottage, Micro, and Small sub-sectors included in the MSME sector.
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It has now been decided that for institutions in the Cottage, Micro, and Small sub-sectors included in the MSME sector that are considered public interest entities as defined in Section 2(8) of the Financial Reporting Act, 2015, the instructions of DFIM Circular No.-08/2021 will be effective from January 1, 2025.
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In addition, all instructions of DFIM Circular No.-08/2021 will remain unchanged.
This order is issued under the powers conferred by Section 18(6) of the Financial Institutions Act, 1993.
Yours faithfully,
(Md. Amir Uddin) Director (DFIM) Phone: 9530178
30 Magh 1429 Date: 13 February 2023