Dhaka: Bangladesh Bank (BB) has announced a list of 131 institutions and companies designated as eligible collateral valuation firms to assess securities submitted against loans by borrowers of scheduled banks.
According to Bangladesh Sangbad Sangstha, a circular letter issued by the central bank today outlines that the listed firms are divided into two groups: 98 institutions in Group ‘A’ and 33 in Group ‘B’. This list was crafted under the policy on enlistment of collateral valuation institutions or companies, which was introduced through a circular issued on November 28, 2023.
The central bank has advised scheduled banks to engage these enlisted institutions for the valuation of collateral provided against loans, ensuring adherence to the relevant policy and other instructions issued periodically by Bangladesh Bank. The enlistment of these firms will remain valid for three years, requiring them to apply for renewal six months prior to the expiry of this period.
The circular further specifies that Bangla
desh Bank retains the right to remove any institution from the list before the three-year period concludes if it fails to comply with the prescribed conditions and instructions or for any reasonable cause. Enlisted valuation firms are also mandated to submit annual reports to the Banking Regulation and Policy Department-1 of Bangladesh Bank by January 15 each following year, adhering to a prescribed format.
This directive has been issued under Section 29KA of the Bank Company Act, 1991, as amended up to 2023, and takes effect immediately. Group ‘A’ includes notable firms such as Bangladesh Inspection and Survey Pvt Ltd, Mollik Adjusters Ltd, Saybolt Adjusters Ltd, and City Engineering Inspection Co Ltd, among others. Meanwhile, Group ‘B’ features institutions like Dhaka Survey Company Ltd, Prime Consulting (BD.) Ltd, and Rightway Surveyors.