The Bangladesh Bank’s permission is mandatory for banks and NBFIs before extending floor space, as per the Financial Institution Act. “Uttara Finance has extended its floor space by violating laws,” said a high official of the BB well-versed on the matter seeking anonymity. The central bank has sought an explanation from Uttara Finance about the irregularities, BB Spokesperson Md. The size of the extended floor space is at 7,130 square feet. Listed since 1997, Uttara Finance’s shares shed about 26.9 per cent in value over the past two years.

Source: Dhaka Tribune January 10, 2021 19:38 UTC