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HC orders to close unlicensed microcredit institutions

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PBC News:  The High Court has ordered the formation of a Bangladesh Bank special committee to investigate the activities of unauthorised financial institutions dealing in microcredit loans.
The committee has been given 45 days from the day they receive the court order to submit their report, reports bdnews24.com.

If unauthorised and unlicensed microcredit institutions or entities are found, the court has ordered the committee to enlist the aid of local government representatives to immediately close their offices and take legal action against them.

The microcredit regulatory authority has also been ordered to provide a list of local interest traders within 45 days.

The virtual bench of Justice Abu Taher Md Saifur Rahman and Justice Md Zakir Hossain made the decision on Monday in response to a petition seeking the identification of those who lend money at high interest rates across the country.

Syed Sayedul Haque represented the petitioners at the hearing, while Deputy Attorney General Noor Us Sadik represented the state.
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