Bangladesh’s central bank, the Bangladesh Bank (BB), has asked all the scheduled banks in the country to verify and confirm registration of textile units before offering banking services to those.
As per media reports, the central bank has issued a circular in this regard recently which underlined that many textile units were operating in violation of the laid down rules while adding it is mandatory for textile units to register with the Department of Textiles (DoT).
Citing provisions of Sections 2 (6) and 12 (2) of the Textile Act, 2018, BB made it clear that textile units cannot run operations without registering with the DoT.
The BB circular further added that some unregistered textile units were operating in the country by violating rules, which was tarnishing Bangladesh’s image in the global market.