Sunday, 17 Oct, 2021


HC orders ban on unregistered microcredit operation

Special Correspondent |
Update: 2021-09-27 14:41:25
HC orders ban on unregistered microcredit operation

High Court on Monday directed the government to halt operations of all unregistered micro-credit operators across the country.

The HC virtual bench of Justice Abu Taher Md Saifur Rahman and Justice Jakir Hossen delivered the order while hearing a writ petition filed by barrister Sayedul Haque Suman.

The High Court also 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.

The court has also ordered the committee to enlist the aid of local government representatives to immediately take legal action against unlicensed microcredit institutions or entities, if found.  

As per the HC order, the microcredit regulatory authority has also been ordered to provide a list of local interest traders within 45 days.

BDST: 1440 HRS, SEP 27, 2021

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