The Bangladesh Bank on Sunday awarded licence to a new non-bank financial institution named Strategic Finance and Investments Limited (SFIL).
The central bank issued a circular stating that a financial institution's licence is issued in favour of Strategic Finance and Investments Limited to carry out financing business in the country.
The Bangladesh Bank board approved the entity to operate as a non-bank financial institution on March 19 this year.
Earlier, in January this year, the central bank board of directors issued initial consent to the SFIL.
Anjuman Ara Shahid, wife of Padma Bank Chairman Chowdhury Nafeez Sarafat, is the chairman of the SFIL.
Anjuman is one of the sponsor shareholders of the Padma Bank, earlier known as Farmers Bank that was renamed following massive scams and irregularities.
Instead of putting efforts to establish discipline in the sector, the Bangladesh Bank brought a new non-bank financial institution to the market where more than 10 out of the 34 such institutions are struggling to survive.
Due to a sorry state of affairs, People's Leasing and Financial Services is facing liquidation, leaving around 7,500 depositors of the entity in a devastating state.