Banks' additional investment term in share market extended for a year

The ministry of finance has extended the tenure of banks’ additional investment in the capital market for another year. The financial institutions division of the ministry extended the deadline till 31 December 2023.

Last Monday, the deputy secretary of the financial institutions division of the ministry of finance issued the notification. The notification was sent to Bangladesh Bank yesterday, reports UNB.

Time has been given till 31 December 2023 to bring down the additional investment of banks including BDBL in the share market (collectively or individually in the case of holding shares of other companies) to the prescribed limit as stated in the Bank Companies Act, 1991.

Besides, in the case of holding the shares of other companies within that extended period, in the case of holding the shares of any company collectively or individually, the over-investing banks cannot increase the respective investment (in the ratio) based on 31 August 2022 in any order.