CA Yunus stresses trust-based future banking

"It's appropriate time to talk about the issue," he said while inaugurating the Microcredit Regulatory Authority building in the city's Agargaon area.

The Chief Adviser said the banks which were considered as the real banks have disappeared today with looting of public money but the microcredit exists with transparent base.

Highlighting the importance of paying attention on the real banks, Prof Yunus said they saw people were busy with fake banks.

"I feel good to be here today and meet the old friends," Prof Yunus said.

Finance Adviser Dr Salehuddin Ahmed, Chief Adviser's Special Assistant Dr Anisuzzaman Chowdhury, Bangladesh Bank Governor Dr Ahsan H Mansur, Executive Vice Chairman of Microcredit Regulatory Authority Professor Dr. Mohammed Helal Uddin and Secretary of Financial Institutions Division Nazma Mobarek, among others, spoke.

To bring Non-government Microfinance Institutions (NGO-MFIs) under a regulatory framework, the government of Bangladesh enacted "Microcredit Regulatory Authority Act, 2006" (Act no. 32 of 2006) on July 2006 with effective from August 27, 2006.

Under this Act, the government established Microcredit Regulatory Authority (MRA) with a view to ensuring transparency and accountability of microcredit activities of the NGO-MFIs in the country.

The Authority is empowered and responsible to implement the said act and to bring the microcredit sector of the country under a full-fledged regulatory framework, reports UNB.