Circulars/Notifications - Banking Supervision Department  
 BPRD Circular No.35
December 16, 2000  

All Banks/NBFIs,

Dear Sirs,

DEPOSIT MOBILIZSATION SCHEMES

Please refer to para V of BPRD Circular No.29 dated 13th July, 1999 wherein the banks and Non-Bank Financial Institutions were allowed to develop and expand their deposit mobilization efforts based on explicitly stated expected rates of returns and provision of additional and more efficient financial services to the depositors.

2. A number of requests were received from banks/NBFIs allowing them to launch new deposit mobilization schemes offering insurance coverage to their account holders across the board by entering into an agreement with an insurance company. These requests have been examined and it has been decided that banks/NBFIs may provide insurance products to their depositors provided (i) it is not mandatory and (ii) there is no discrimination in the rate of return to the depositors who may or may not opt for the insurance cover. The banks/NBFIs shall maintain secrecy of information in regard to access to their books of accounts and shall design their own internal control and procedures.

3. The banks/NBFIs shall ensure that no other rules, regulations & instructions issued by State Bank from time to time are violated and the interest of the depositors is fully protected.

4. Please acknowledge receipt.


Yours faithfully,
(KAZI ABDUL MUKTADIR)
Director

       
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