FIN642.

1|Group 3

Crouse: Financial Markets and Institutions

Course code: Fin642
Section: 1

Report Submission On: Non-Banking Financial Institutions:

Are they substitute or complement of commercial Banks in
Bangladesh?

Submitted to
Dr. A.K.M. Atiqur Rahman
Professor
School of Business & Economics
North South University

Submitted by
Razin Halim – 1835047660
Tanay Saha – 1825135060
Manob Saha – 1735079660
Mostafa Nur Masud – 1915174660

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Letter of Transmittal
6 October 2020

Prof. Dr. A.K.M Atiqur Rahman

School of Business and Economics

MBA Progam

North South University

Subject: Submission of the report.

Sir,

With due respect, I would like to inform you that, it is a great pleasure for us to submit the report
on a topic like ‘Non-Banking Financial Institutions- are they substitute or complement of
commercial bank in Bangladesh’, as it is a fulfillment of partial requirement to the course
“Financial Markets and Institutions”.
To prepare this report, we have gathered what we believe to be the most complete information
available from primary and secondary sources and enjoyed working thereon. The experience we
have gathered during this period will remain as an invaluable asset of immense useful in my life.
We have worked hard preparing this report and hope that it will fulfill the requirement the
course. We will be always available for answering any query on this report.

So, we fervent requesting and hope that you would be kind enough to accept our report and
oblige thereby.

Sincerely Yours,

……………………………..

Razin Halim-1835047660

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Tanay Saha-1825135060

Manob Saha-1735079660

Mostafa Nur Masud-1915174660

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Executive Summary
This report is prepared as the requirement of the course “Financial Market and Institution” of
MBA program of North South University. The major objective of this report is analyzing and
finding the answer of the question whether non-banking financial institutions are substitute or
complementary of commercial banks. This report is a descriptive research. To prepare this report
we have followed the methodology which contains both secondary and primary sources of data
for example face to face conversation, reports publish by Bangladesh Bank and others. To make
this report we had to face some limitations. One of them is the limitations of time.

Non-financial Institutions are one the most important part of the financial system of Bangladesh
which are regulated under Financial Institution Act, 1993 and controlled by Bangladesh Bank. It
starts its journey in Bangladesh from 1981. Number of NBFIs operating in Bangladesh are 34.

Non-bank financial institutions (NBFIs) offer some sorts of banking services, such as loans and
credit facilities, trading in money market, TFCs, underwriting stock and shares etc. It also
provides services like lease financing, support services to capital market etc. Commercial banks
grant loan, accept deposits and offer other financial services such as overdraft facilities and
electronic fund transfer etc. In addition, commercial bank offers almost all of the services which
is core functions of NBFIs. In current scenario, with a large number of financial institutions, both
Non-banking Financial Institutions and Banking provides some sort of similar services. But
major difference between NBFI and commercial bank is that NBFIs are not allowed to cash
transaction, issue cheques, current and checking accounts, execute foreign exchange. Thus, it is
imminent that non-banking financial intuitions are complement of commercial bank rather than
substitute.

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Table of Contents
Letter of Transmittal.....................................................................................................................................i
Executive Summary.....................................................................................................................................ii
Introduction.................................................................................................................................................1
Banks of Bangladesh...............................................................................................................................1
History of Banking in Bangladesh:......................................................................................................2
Types of Banks in Bangladesh:............................................................................................................2
Function of Commercial Bank:............................................................................................................3
Non-Banking Financial Institutions of Bangladesh.................................................................................3
Products and Services offered by NBFI’s............................................................................................4
Current Scenario of Commercial Bank in Bangladesh................................................................................5
Current scenario of Non-Banking Financial Institutions in Bangladesh......................................................6
Difference between Bank & Non-Bank Financial Institutions.....................................................................8
Non-Banking Financial Institutions: Are they substitute or complement of commercial Banks in
Bangladesh?................................................................................................................................................9
The deposit factors:...............................................................................................................................10
The loan factors:....................................................................................................................................10
Innovation:............................................................................................................................................11
Contribution in the economy:................................................................................................................11
Final Verdict:.........................................................................................................................................11
Conclusion.................................................................................................................................................11
References.................................................................................................................................................12

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Introduction
A strong financial system is essential for the economic development of a country. One the vital
task of the financial system is to mobilize funds from the surplus budget unit to deficit budget
unit. Financial system in Bangladesh is decomposed of into two basic types of institutions. One
is the banking financial institutions (BFIs) and the other is the non-banking financial institutions
(NBFIs). Bangladesh Bank is the central bank of Bangladesh and the chief regulatory authority
of the financial institutions of Bangladesh.

Non-bank financial institutions (NBFIs) represent one of the most important parts of a financial
system as it offers most sorts of banking services, such as loans and credit facilities, private
education funding, trading in money markets, TFCs (Term Finance Certificate), underwriting
stocks and shares, retirement planning and other obligations etc. In addition, non-bank financial
sector is important to increase the mobilization of term savings and for the sake of providing
support services to the capital market. Now this a question of argument whether Non-Bank
Financial Institutions are substitute or complement of commercial Banks in Bangladesh.

Banks of Bangladesh
Banking system of a country can well be said as a barometer of its economic prosperity. Now-a-
days, banks not only act as custodian of public money but also are indispensable as vital agent
for maintenance of sound financial position of a country. Among these Commercial banks have
been playing an important role in the economic development of Bangladesh. They provide funds
for investment in both the public sector and specially the private sector. Bangladesh needs to
import raw materials, accessories and machineries to foster development of the industrial sector,
including the RMG sector. Banks have been facilitating payment, finance and risk management
services to the sector.

In 2019 the private commercial banks' (PCBs) share in export finance was the highest (60 per
cent) followed by state owned commercial banks (SoCBs). Within the apparel sector, the RMG
sector received the highest proportion of financing from banks, and the volumes and proportions
have increased between 2014 and 2019. Import payments have been increasing over the years.
The total import payments (c & f), including imports of EPZ, increased more than two times

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from US$21,629 million during 2007-08 to US$43,663.0 million during 2018-19 (The Financial
Express, 2019).

History of Banking in Bangladesh: The first modern bank headquartered in Dhaka was Dacca
Bank, established in 1846. It did a very limited business and did not issue banknotes. It was
purchased by Bank of Bengal in 1862. In the beginning of 1971, there were 1130 branches of 12
banks in operation in East Pakistan. The foundation of independent banking system in
Bangladesh was laid through the establishment of the Bangladesh Bank in 1972 by the
Presidential Order No. 127 of 1972. After the liberation of Bangladesh, the twelve Banking
companies who were doing business in Bangladesh, were nationalized by the Government of the
People’s Republic of Bangladesh under president’s order No.26 of 1972 entitled “The
Bangladesh Bank (Nationalizations) Order, 1972” on March 26, 1972. There were no
domestic private commercial banks in Bangladesh until 1982; When the Arab-Bangladesh Bank
Ltd. commenced private commercial banking in the country. (Bangladeshi Banker, 2020).

Types of Banks in Bangladesh: Now, in Bangladesh primarily there are two types of bank:

Scheduled Banks: The banks that remain in the list of banks maintained under the Bangladesh
Bank Order, 1972. Scheduled Banks are classified into following types:

 State Owned Commercial Banks (SOCBs): There are 6 SOCBs which are fully or majorly
owned by the Government of Bangladesh.
 Private Commercial Banks (PCBs): There are 42 private commercial banks which are
majorly owned by the private entities. Among the PCBs, there are 34 conventional PCBs
operating in the industry. They perform the banking functions in conventional fashion
interest-based operations. There are 8 Islami Shariah based PCBs in Bangladesh and they
execute banking activities according to Islami Shariah based principles.
 Foreign Commercial Banks (FCBs): 9 FCBs are operating in Bangladesh as the branches
of the banks which are incorporated in abroad.
 Specialized Banks (SDBs): 3 specialized banks are now operating which were established
for specific objectives like agricultural or industrial development.

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 Non-Scheduled Banks: The banks which are established for special and definite objective
and operate under any act but are not Scheduled Banks. These banks cannot perform all
functions of scheduled banks.

Function of Commercial Bank: Commercial bank are profit-based financial institution that
grants loans, accepts deposits, and offers other financial services, such as overdraft facilities and
electronic transfer of funds. The functions are of two categories:

Primary Functions of Commercial Banks Secondary Functions of Commercial Banks

Accepting Deposits: Act as an Agent:
 Savings deposits – The commercial bank 1. Collecting bills, draft, cheques, etc.
accepts small deposits, from households 2. Paying the insurance premium, rent, loan
or persons, in order to encourage savings installments, etc.
in the economy. 3. Working as a representative of a customer
 Time deposits – The bank accepts for purchasing or redeeming securities,
etc. in the stock exchange.
deposits for a fixed time and carries a
4. Also, preparing income tax returns,
higher rate of interest as compared to claiming tax refunds, etc.
savings deposits.
 Current deposits – These accounts do not
offer any interest. Further, most current
accounts offer overdrafts up to a pre-
specified limit. The bank, therefore,
undertakes the obligation of paying all
cheques against deposits subject to the
availability of sufficient funds in the
account.
Lending of Funds: General Utility Services
Another important activity is lending funds to 1. Issuing traveler cheques
customers in the form of loans and advances, 2. Offering locker facilities for keeping
cash credit, overdraft and discounting of bills, valuables in safe custody.
etc. Loans are advances that a bank extends to 3. Also, issuing debit cards and credit cards,
his customers with or without security for a etc.
specified time and at an agreed rate of
interest. Under the cash credit facility, the
bank offers its customers a facility to borrow
cash up to a certain limit against the security
of goods. Further, an overdraft is an
arrangement that a bank offers to customers
wherein a temporary facility is offered to

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overdraw from the current account without

any security.

Non-Banking Financial Institutions of Bangladesh

Non-Bank Financial Institutions (FIs) are those types of financial institutions which are regulated
under Financial Institution Act, 1993 and controlled by Bangladesh Bank. Now, 34 FIs are
operating in Bangladesh while the maiden one was established in 1981. Among these, 3 are
government owned, 12 are joint ventures with foreign participation, and the rest 19 are locally
private owned companies.

Products and Services offered by NBFI’s

One of the major purposes of NBFI is to offer and fulfil the gap of facilities that are not generally
offered by traditional banks. As the number of NBFI is increasing, various products are being
introduced by different NBFIs and the product and services provided by NBFIs can be
categorized as under:

Deposit Financing Merchant Banking

a. Term deposit: Maturities of
these loans vary from 3
months, 6 months or one to
five years.
b. Deposit Pension Scheme:
under this scheme deposits
are accepted on a periodic
basis with equal installment.
The future value is payable at
the end of the period in a
lump sum.
a. Lease Finance: Lease
finance is offered to
small/medium size business
for procuring fixed asset like
commercial/office equipment,
machineries, generators,
vehicles, vessels and many
more.
b. Long Term Finance:
Financing in any business
concern to meet up various
regular capital/fixed asset
expenditures.
c. Short Term Finance: Short
Term Loan to different
business concerns to meet
urgent fund requirement for
any interim period.
a. Issue Management: The
Issue Management group is
capable of devising
innovative solution to
corporate clients for raising
capital - debt and equity
through private and public
placement from the market
suiting the unique needs and
constraints of the clients.
b. Underwriting:
Underwriting refers to the
guarantee by the underwriters
that in the event of under-
subscription; the underwriter
will take up the under-
subscribed amount on pro-
rata basis upon payment of
price of that option.
c. Portfolio Management:
Merchant banks offer small
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investors to open investors’

account with merchant banks
and provide support for the
purchase and sale of shares
for the clients.
d. Corporate Advising:
Through corporate advising,
the merchant bank helps the
issuer analyze its financing
needs and suggest various
ways to raise needed funds
and terms and timing of issue.

Current Scenario of Commercial Bank in Bangladesh

According to the data available with the central bank, both private and public banks have opened
10,606 branches countrywide as of July 2020. Of them, 5,033 were opened in rural areas and
5,573 in urban areas. Commercial bank sector will be one of the hardest hit sectors of the
economy, owing to the broad-based slowdown in the economy as a whole; combined with its
exposure to the hardest hit sectors of the economy, such as foreign trade, RMG and the capital
market. The bank sector was already struggling prior to the pandemic owing to the imposition of
a 9% interest ceiling on all loans (except credit cards), liquidity pressures and a persistently
deteriorating non-performing loan (NPL) situation.

NPL Ratio in Bangladesh

The NPL ratios in
Bangladesh were
9.32% and 10.30% in
2019 and 2018
respectively (The
Global Economy,
2020). Table shows
that NPL position of SCBs and SBs has been alarming which ultimately raises the overall NPL.
It has a strong impact on banks profitability and Capital adequacy. As per Bangladesh Bank
Guideline, banks are required to provide 1.0 per cent of the loans as expenses under the head
'provision'. But if any loan falls under `sub-standard' category due to non-servicing of the loan,

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then banks are required to keep 20.0 per cent provision. In case the loans are 'Doubtful', then
provision is 50.0 per cent and for 'bad and loss' category, 100.0 per cent provision is required.
Thus, the huge amount of provisioning against income reduces the profitability of the banks.
This reduction of net profit ultimately hampers the shareholder's equity, reduces the dividend-
paying ability of the bank. If the income of a bank is not covered by the provisional requirement
then it has to be set off from the bank's capital, which might result in capital erosion and a short
fall in regulatory capital. 12 scheduled banks of Bangladesh suffered Tk 108 billion in provision
shortfall at the end of the year 2019. At the same time, 12 banks also failed to maintain capital
requirement and faced a capital shortfall of over Tk 236.12billion (Financial Express, 2020).

In January, the growth of deposit and loan were almost nil, as the news started to widen that the
government has decided to fix a uniform interest rate for all types of deposits from April 1. Total
deposits of the banks in Apr 2020 rose to BDT 114,75,463 million from BDT 102,54,809 million
in 2019, showing an increase of 11.88 percent (Bank Credit/Deposit, BB). Now on the credit

part, Loans and advances (61.6%) are the major components in the asset composition of all
commercial banks. The high concentration of loans and advances increases the vulnerability of
assets to credit risk. However, investment of banks in bills, bonds, shares etc. also demonstrates
somewhat concentration, which is 13.2 percent to total assets in 2019. Total loan and advance of
the banks in Apr 2020 rose to BDT 132,22,888 million from BDT 116,53,008 million in 2019,
showing an increase of 13.38 percent (Bank Credit/Deposit, BB). We can infer from the graph

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that growth in deposits with advances has a great correlation. Therefore, sluggish growth of
deposit will also affect the credit growth as well.

Current scenario of Non-Banking Financial Institutions in Bangladesh

The NBFI have been facing unequal competition with banks for a very long time in our country.
Although the idea for their inception was to leverage some of the services to a separate entity for
smoother operations, inequality between banks and NBFIs is significant. Banks have been doing
everything including an NBFI’s primary source of income. BLFCA Chairman Mominul Islam,
and managing director (MD) and CEO of IPDC Finance Limited stated in a virtual conference
that in terms of financial health, many NBFIs are doing better than banks, but the entire NBFI
sector is victim of a negative image due to a few NBFIs, that impacted overall performances of
the sector (The Financial Express, 2020). As a result of the negative image, many investors
prefer banks over NBFIs despite performing well. The insufficient knowledge about investment
also plays a vital role. In other countries, there are many alternative sources of generating funds
such as the bond market
which is not established in
our country. Thus, the
NBFIs depend solely on
deposits and giving our
loans.

Till September 2019,

IDLC had the largest
portfolio of loans,
advances and leases with
IPDC having the highest
grown in the portfolio.
Lanka Bangla’s performance have been significantly declining while DBH maintaining a steady
portfolio because of the limitations. However, United Finance had a negative growth which may
have happened due to their high interest rate for their asset products compared to the market
("Company Analysis - NBFI Sector and IPDC", 2019 & 2028).

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Till September 2019, IDLC

had the largest portfolio of
deposits as well with IPDC
having the highest grown in
the portfolio. Lanka Bangla
and United Finance’s
performance have been
significantly declining with
DBH maintaining a steady
portfolio. This occurred
mostly due to the liquidity
crisis in that period with both IDLC and IPDC being very aggressive in the market. With these
five NBFIs, only IIFSL managed to have a bigger portfolio of deposits than the industry average.
This proves the liquidity crisis in the market ("Company Analysis - NBFI Sector and IPDC",
2019).

Difference between Bank & Non-Bank Financial Institutions

The difference between bank and Non-banking financial institutions clearly state that Banking is
a financial institution but not every financial institution is bank. Despite some similarities,
commercial banks differ significantly from non-bank financial intermediaries on the following
grounds:

Topic Bank NBFIs

Meaning Bank is a government authorized
financial intermediary that aims at
providing banking services to the
general public.
Incorporation A bank is registered under Banking
Company Act, 1991.
Transaction Services Banks provide overdraft facility, the
issue of traveler’s cheque, transfer of
funds etc.
Foreign Investment Commercial banks are eligible for
foreign investment, and that would
Non-Bank Financial Institutions (FIs) are
those types of financial institutions which
are offer various banking service but do
not have a banking license.
An NBFI is regulated under Financial
Institution Act, 1993.
NBFI does not provide transaction services
to the customers.
Foreign Investments up to 100% is allowed
in NBFI.

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be not more than 74%.

Credit Creation The credit creation activities of the NBFIs are not involved in the creation of
Activities commercial banks are determined by credit. The activities of the non-bank
the excess reserves and the cash- intermediaries are largely governed by the
reserve ratio of the banks. structure of interest rates.
Duration of Credit Credit creation activities of the NBFI required longer time for completion
Creation Activities banks involve lesser time. of the lending activities.
Interaction A bank interacts directly with An NBFI interacts with banks and
customers. governments.
Demand Deposit Bank accepts demand deposits. NBFI is not allowed to accept such
deposits which are repayable on demand.
Foreign Transection A bank can deal with foreign An NBFI cannot deal with foreign
transection. transection.
Source of Fund The main source of funds of Major sources of funds of FIs are Term
commercial banks is deposits. The Deposit (at least three months tenure),
other sources of funds are Credit Facility from Banks and other FIs,
borrowings from other banks, Call Money as well as Bond and
capital, reserves and surplus. Securitization.

Non-Banking Financial Institutions: Are they substitute or complement

of commercial Banks in Bangladesh?
Substitute refers to putting one at a place of the other as a replacement with the ability to satisfy
similar requirements. On the other hand, complement refers to contributing extra features to
something else in such a way as to improve or emphasize its quality.

In general terms, as mentioned earlier, the major differences between an NBFI and a bank is that
cash transactions are not allowed, there are no current or checking account foreign exchange
cannot be executed, cheques cannot be issued, cards are not issued (exception-LankaBangla), can
conduct their business operations with diversified financing modes like syndicated financing,
bridge financing, lease financing, securitization instruments, private placement of equity etc.
while a bank can do all of them. Thus, it is imminent that Non-Banking Financial Institutions are
not substitutes of commercial Banks. Although NBFIs were established with a view to
development financial institutions, leasing enterprises, investment companies, merchant bankers
etc. having the nature of long-term financing modes, banks have somewhat interfered. Banks
offer almost all of the services that are the core functions of NBFIs. This issue in particular have

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impacted the industry hugely. With an astonishing number of financial institutions which is
currently 60 scheduled, 5 nonscheduled banks and 34 NBFIs according to Bangladesh Bank, all
of them provide similar services.

The deposit factors: Banks collect deposits from customers through CASA accounts or FDRs
and an NBFI only collects deposits through FDRs and different saving schemes. However,
NFBIs generally offers a higher return. Although many banks facing liquidity crisis offer even
higher ROI than an NBFI. But in general terms, NBFI can be considered an alternative to a bank
in case of savings of depositing money to enjoy return. However, to avoid liquidity crisis, many
NBFIs offer huge interest rates to depositors because of which many NBFIs are now struggling
to generate income and some have closed down (e.g. People’s Leasing). Total deposits of all
banks in the country stands at Tk12,28,000 crore at the end of April this year according to
Bangladesh Bank data (Alo, 2019). As per the Bangladesh Bank’s latest report, the total deposits
in the NBFIs at the end of June this year was Tk 46,422.59 crore (Murtaza, 2019).

The loan factors: Both banks and NBFIs provide retail and corporate loans. Home loans, Auto
Loans and Personal loans are the most common types of retail loans. NBFIs have the edge in the
volume of loans for a customer. They can loan up to 90-100% of the applied amount while banks
are limited with 50-60%. However, interest rates are comparatively higher in NBFIs. Corporate
loans, MME loans, SME loans, Short- and Long-term financing are more or less similar.
However, NBFIs are more prone to seek out loanee with good credit history or have a good DBR
with shorter volume. While banks are often involved in large volume loans. Many banks have
ignored proper credit analysis due to bureaucratic or political pressure which resulted in high
NPL (Non-Performing Loan). NBFIs in Bangladesh are managing a total assets portfolio of Tk
874.3 billion including loan/lease of Tk 678.1 billion concentrating its major assets in industry,
real estate, trade and commerce and capital market against total liabilities of Tk. 751.8 billion
including depositors' liability of Tk. 458.1 billion (as on June 30, 2019) (Huq, 2020). As of
December, in 2019, the total amount of outstanding loans was Tk 10,11,828 crore in banking
sector (Hossain, 2020).

Innovation: The core functions of banks, it is often very difficult for banks to introduce
innovating products. If we look at the last decade, we cannot see many new products that were
introduced. Women banking was introduced heavily and some banks offered student account.

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None of them were innovative in terms of function. All the changes that were made in different
banks were to cope up with one another and moreover, to cope up with developed countries and
modern banking. However, NBFIs have managed to bring innovation such as Lanka Bangla’s
Doctor’s Plan, IPDC EZ, Nishchayata, Ucchash, Manobota etc. are some innovative ideas that
have changed the way we can think about a financial product. NBFIs are first to introduce
Supply chain financing which was later introduced in banks. Blockchain was also introduced by
the NBFIs. Due to the limited types of services produced by NBFIs, they have the room to bring
innovation.

Contribution in the economy: Banks have been contributing in the economic growth of
Bangladesh despite many challenges they face. They provide investible funds to both the public
sector, and specially the private sector. Further, banks have played a significant role in respect of
the four major drivers of economic growth in Bangladesh such as expansion of RMG sector,
increase in annual remittance, progress of agricultural sector and development of SME (Khuda,
2019). NBFIs have not been lagging behind. They have significantly contributed in the SME
sector, injecting funds, reducing the unbanked and non-banked population reducing the size of
the shadow economy, increasing the reserve etc.

Final Verdict: It is imminent that in the banking sector, NBFIs have made a crucial impact and
have been adding up with the banks. In some cases, few NBFIs are even better than many banks.
If the distinguishing factors between these two types of financial institutions stand by and
maintained, NBFIs will surely be the compliments to the banks. In the current scenario, we can
say that NBFIs are compliments to the banks. However, due to the involvement of banks in the
core activities of NBFIs have added some frailty to the statement.

Conclusion
NBFI’s has created a new era in our bank dominance traditional financial system. NBFIs are
working as alternative platform of bank in Bangladesh. As leasing is considered as an alternative
of long term financing many NBFIs have strong performance in leasing business. The
performance of the NBFIs in leasing business suggests that the industry can be growing up in a
sustainable basis. But leasing must not be confined with selected sectors. NBFIs have to be
equipped with highly professional personnel and technological advancement to chase the future.

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References
The Financial Express (15 July, 2020). NBFIs 'out of step with banks’. Retrieved 15 July 2020, from
https://thefinancialexpress.com.bd/economy/bangladesh/nbfis-out-of-step-with-banks-1594783607.

Banks & FIs (n.d.). Bb.org.bd. Retrieved 19 September 2020, from

https://www.bb.org.bd/fnansys/bankfi.php.

Company Analysis - NBFI Sector and IPDC. Ipdcbd.com. (2019). Retrieved 31 December 2019, from
https://www.ipdcbd.com/areport/IPDC-Annual-Report-2019_v4.pdf.

Khuda, B. (2019). Economic growth in Bangladesh and the role of banking sector. The Financial Express.
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bangladesh-and-the-role-of-banking-sector-1547220114.

Everything you need to know about NBFI. Retrieved 19 September 2020, from
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Samreen Sanah, S. (2020). A comparative analysis of profitability of non-banking financial institutions in
Bangladesh and investors’ investment decision making [Ebook]. Brac University. Retrieved from
http://dspace.bracu.ac.bd/xmlui/handle/10361/8728
Hassan, M. (2015). Issues and Challenges of Non-Bank Financial Institutions in Bangladesh. Asian
Business Review, 2(3), 61-64. doi: 10.18034/abr.v2i1.317
Kanti Biswas, S., Kanti Nath, B., & Datta, R. (2015). Prospects of Non Bank Financial Institutions &
Money Market: Indication from Bangladesh [Ebook]. Retrieved 19 September 2020, from
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Biswas/7f15447c0941d826200939fc2e81c89e29374ab1.
The Lawyers & Jurist, (16 Aug, 2017). Banks and non-bank financial institution all are instances of
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Ahmed, J. (15 January, 2020). Evolution of banking in Bangladesh and the current status. The Asian
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the-current-status

Bangladeshi Banker, (18 May, 2020). Banking History of Bangladesh. Retrieved from:
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Kabir, H. (23 August, 2020). Financial sector clocks lower growth in FY'20. The Financial Express.
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Islam, T. (21 July, 2020). NPL and its impact on the banking sector of Bangladesh. The Financial
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sector-of-bangladesh-1595343188

Sinha, A. (17 July, 2018). What is the difference between Commercial Bank and NBFI? Retrieved from:
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The Global Economy, (2019). Bangladesh: Non-performing loans. Retrieved from:

https://www.theglobaleconomy.com/Bangladesh/Nonperforming_loans/

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https://www.bb.org.bd/econdata/bankdeposit.php

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https://ideas.repec.org/a/ris/asbure/0144.html

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