DFIM Circular Letter No. 06: Refraining from offering high interest rate through mobile phone messaging to collect deposit

Subject: DFIM Circular Letter No. 06 Department of Financial Institutions and Markets Bangladesh Bank Head Office Dhaka - 1000.

DFIM Circular Letter No. 06 Date: 12 Asharh, 1425 Date: 26 June, 2018

To, Managing Director / Chief Executive Officer All Financial Institutions operating in Bangladesh.

Dear Sir,

It has recently been observed that, in accordance with the instructions of DFIM Circular No. 01 dated 03 April 2018, financial institutions are displaying the list of interest rates on loans/leases/investments or profits, as well as fees/charges/commissions for other services, at prominent places in their respective head offices and branches, and publishing them on their own websites. However, several financial institutions are sending messages via mobile phones to customers from various levels of society, including professionals, with the aim of collecting deposits at high interest rates, which is not desirable and in some cases is causing discomfort. To avoid such situations, all financial institutions are hereby directed to refrain from making efforts to collect deposits at high interest rates through mobile phones from now on.

This order is issued under the powers conferred by Section 18(c) of the Financial Institutions Act, 1993.

Yours faithfully,

(Md. Rafiqul Islam) Deputy General Manager Phone: 9530249