From The Washington PostBy Cornel Ban and Kevin GallagherDecember 17, 2014 Cornel Ban...
The main institutions providing microfinance services in Bangladesh include: 1) NGO-MFIs, 2) Grameen Bank (organized independently under the Grameen Bank Ordinance of 1983), and 3) commercial and specialized banks. NGO-MFIs are regulated by the Microcredit Regulatory Authority and register with the NGO Affairs Bureau if they receive foreign funds. Banks (excluding Grameen Bank) are regulated by the Bangladesh Bank.
Microfinance & Banking
- Bangladesh Bank Order No. 127 of 1972 (amended through 2003) (English)
- Banking Companies (Amendment) Act No. 13 (enacted in 1993) (English)
- Banking Companies (Amendment) Act No. 25 (enacted in 1995) (English)
- Banking Companies Act No. 14 (enacted in 1991) (English)
- Companies Act No. 18 (enacted in 1994) (English)
- Grameen Bank Ordinance No. XLVI of 1983 (amended through 2008) (English)
- Guidelines on Interest Rate/Service Charge of Microcredit (enacted in 2010) (English)
- Microcredit Regulatory Authority Act (enacted in 2006) (English)
- Prudential Regulations for Banks (amended through 2009) (English)
- Societies Registration Act of 1860 (amended through 1978) (English)
- Trusts Act of 1882 (amended through 2000) (English)
- Voluntary Social Welfare Agencies (Registration and Control) Ordinance No. XLVI of 1961 (amended through 1973) (English)
There is no comprehensive regime for consumer protection in the financial industry. Despite the adoption of the Consumer Rights Protection Act, 2009, this law does not apply to financial services. In 2011, the Ministry of Commerce, whose National Consumer Rights Protection Department implements the Act, made statements indicating that an amendment is contemplated that would expand the Act's coverage to financial services. In the meantime, Bangladesh Bank has included the first consumer protection provisions applicable to banks in its Guidelines on Mobile Financial Services. These Guidelines include disclosure of consumer rights and obligations and basic complaints and dispute resolution procedures through banks and the Bangladesh Bank.
- Guidelines on Mobile Financial Services for the Banks (consumer protection related) (enacted in 2011) (English)
- Payment and Settlement Systems Regulations (enacted in 2009) (English)