The Pulse Today
BREAKING
Sajib Pledges Aid for 50,000 Flood-Affected People in SonargaonMP Azharul Islam Mannan Distributes Relief Funds to Needy Families in SonargaonParliament Proposes Anti-Gambling Bill with Maximum 7-Year Prison PenaltyOpenAI Unveils 'Schedule' Feature to Boost Task Management in AI ChatbotPrime Minister Tareq Rahman Arrives in Dalian, China for Economic ForumEurope Confronts Intense Heatwave; Conditions Predicted to DeteriorateGold Prices Rise Again in Bangladesh Amid Global Market IncreaseSpaceX's Nasdaq Debut Values Company at Over $2 Trillion, Surpassing AmazonStudy Reveals AI Data Centers Contribute to Local Temperature IncreasesNarayanganj BNP Youth Wing Holds Rally to Welcome New Central CommitteeUS Diesel Prices Reach Record High Due to Gulf Refinery DisruptionsMuktadir: Bangladesh's Company Law to be Modernised for Current NeedsMetLife Bangladesh Introduces 360Health Score for Enhanced Digital Wellness in Mobile AppBangladesh Bank Approves 131 Collateral Valuation Firms to Ensure Reliable Bank Loan AssessmentsSammilito Islami Bank Starts Deposit Repayments; Branches Mark the Occasion11 Climbers Killed, 6 Missing in Avalanche on Russia's Caucasus MountainsChattogram Customs Surpasses Tk 600cr in Auction Earnings by June 2026Tiafoe Topples Medvedev in Straight Sets at US OpenDeadly Fire in Indonesia's Papua Claims 11 Lives, Including Six ChildrenPSG Seeks Historic Third Consecutive Champions League TitleAlleged US Strike on Iranian Wedding Causes Tragedy and RuinIran Hikes Petrol Prices Amid Intensified US SanctionsAlcaraz Secures US Open Quarter-Final Spot with Convincing VictoryIsrael Orders Evacuation in South Lebanon Ahead of Planned Strikes Against HezbollahAsian Markets See Tech-Driven Gains Amid Mixed Performance, US Inflation in Focus

Bangladesh Bank Approves 131 Collateral Valuation Firms to Ensure Reliable Bank Loan Assessments

Bangladesh Bank has enlisted 131 firms to assess collateral for bank loans, divided into two groups.

By Staff Correspondent
Share
BB lists 131 eligible collateral valuation firms for banks | Business
BSS

Bangladesh Bank (BB) has listed 131 institutions and companies as eligible collateral valuation firms for assessing securities submitted against loans taken or to be taken by borrowers of scheduled banks. The list, divided into Group 'A' with 98 institutions and Group 'B' with 33, was prepared under a policy introduced on November 28, 2023. This directive ensures that scheduled banks conduct collateral valuations through these enlisted firms in accordance with BB's relevant policies and instructions.

The enlistment is valid for three years, after which institutions must apply for renewal six months before the expiry. Bangladesh Bank retains the authority to remove any firm from the list before the three-year period if it fails to comply with prescribed conditions or for any reasonable cause. Additionally, the enlisted valuation firms are required to submit annual reports to the Banking Regulation and Policy Department-1 of Bangladesh Bank by January 15 of the following year.

This move by Bangladesh Bank is crucial for maintaining the integrity and reliability of collateral valuation processes within the banking sector. By standardizing the valuation process, BB aims to reduce risks associated with loan defaults and ensure that banks have accurate assessments of the value of collateral submitted by borrowers. This, in turn, helps in making informed lending decisions and safeguarding the financial stability of the banking system.

The list includes prominent firms such as Bangladesh Inspection & Survey Pvt Ltd, Mollik Adjusters Ltd, and Saybolt Adjusters Ltd in Group 'A', and Dhaka Survey Company Ltd, Prime Consulting (BD.) Ltd, and Rightway Surveyors in Group 'B'. These firms are now authorized to provide valuation services, playing a vital role in the loan assessment process for banks across Bangladesh.

The directive was issued under Section 29KA of the Bank Company Act, 1991, as amended up to 2023, and came into effect immediately. This policy reflects Bangladesh Bank's commitment to enhancing the regulatory framework governing the banking sector, ensuring transparency, and promoting a robust financial ecosystem.

Source: BSS

Topics

Comments

Related stories

More in business

See all →

Latest stories