NBFIs cannot change any vehicle before 8-year use: BB

Bangladesh Bank has instructed the non-banking financial institutions (NBFIs) that the institutions cannot change any of their vehicles before eight years.

Earlier, as per a 2015 directive, there was an opportunity to change vehicles after every five years.

In line with the government's decision to reduce operational and development expenditure in the context of the global economic situation, purchases of any type of vehicles (new and replacement) at the official expenses by NBFIs will be suspended during the fiscal year 2022-23.

The Financial Institutions and Market Department of Bangladesh Bank on Wednesday issued a circular in this regard.

The chief executives of financial institutions cannot be given multiple vehicles at companies’ expenses. Apart from this, BB has instructed that the officers who take car loans and maintenance cost cannot use the companies’ vehicles.