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NCL to be made scheduled bank

By Inam Ahmed and Sohel Manzur
The government has In principle agreed to allow restructuring of the National Credit Limited (NCL) Into a scheduled bank, authoritative sources said
The decision of the gov ernment would take effect provided the NCL authorities fulfil the conditions laid down in the existing law The law provides for depositing with the Bangladesh Bank 10 per cent of the authorised capital as paid up capital.
The government decision was reached yesterday at a high level meeting held In the Finance Ministry with Finance Minister Saifur Rahman In the chair
The meeting sympathc tlcafiy considered the appll
cation of the NCL for Its restructuring.
Meanwhile, the government is yet to trace the whereabout* of Mustafizur Rahman. Mana glng Director of Bangladesh Commerce and Investment (BCI) Ltd Authoritative sources told The Dally Star that no sponsors of the BCI had contacted the government nor were they planning a move to salvage the worried depositors.
The government, sources said, plans to bring some amendments In the banking laws to tackle Irregularities of non banking Institutions like the NCL and the BCI The Finance Minister told the emergency Bx-etlng that the Ministry of law is to take nec-cssary steps In this regard.
According to sources, the existing law even after amendment In 1991 was not enough for the Bangladesh Bank to take any action against Institutions like the NCL or the BCI in case of such irregularities or violalion of rules.
The NCL which has been facing a liquidity crisis following the BCI s has as many as 16 branches in the country with a reserve capital of Taka 152 crore.
The crisis was prevailing tn the company till yesterday although It allowed the clients to withdraw their current deposits up to Taka ten thousand. However, the depositors, maintaining savings accounts with the NCL could not withdraw their money yesterday
Meanwhile, various \ branches of the NCL yesterday requested their clients to be patient and not to panic confidently saying that it will soon become a scheduled bank.
According to sources at the Bangladesh Bank, the government will not compensate the depositors If the two compa nies become bankrupt and are unable to pay. "It was deposl tors risk when they opened accounts with such unscheduled Institutions." the source said requesting anonymity