Business Desk :
Uttara Finance and Investment Ltd (UFIL), a non-bank financial institution, is working hard to regain its previous image by reducing NPLs (non-performing loans).
The company, accused of various irregularities in disbursing loans, wants to go for bigger investment by maintain the rules and regulations of the Bangladesh Bank strictly.
Irregularities involving Tk 5,100 crore were committed by the board and management of the UFIL in disbursement of loans and mobilisation of deposits, the BB found recently.
Most of the amount was not even shown in the UFIL’s financial statement made public in 2019.
The BB is preparing another report on the irregularities as the management of the UFIL rejected probe report.
SM Shamsul Arefin, Managing Director, of the UFIL said, “We have taken various initiatives to reduce NPLs within one year in order to raise fund and are working very hard to uphold the company’s name and fame as was in past.”
They are also working to reduce or cut sources of expenditure so that profit maximization would be easier, Arefin said.
“The irregularities, raised against the company, will be gone and the previous reputation will be restored soon,” he added.
“We were passing through a difficult time as loan takers had not to repay their installments amid the Covid-19 pandemic. On the other hand, we had to return money to the depositors. It created a vacuum in cash flow,” he said.
“Now, the clients started repaying loans and we have already collected around Tk 2000 crore and no depositors are now withdrawing their deposits, that mean we are rebounding,” he said.
The Bangladesh Bank has extended its cooperation to the financial institution to regain the previous image, he added.
He said most of the defaulters have already been traced and are now repaying loans, which will help us to go for bigger investment in very soon.
About the strategies to rebound by facing various adverse situations, he said, “Due to restriction imposed by the BB, we were not able to or disburse loans from the individuals directly. Even, we were able to open account. It was very embracing for us.”
“But we have taken various initiatives to maintain relation with our clients at any cost and it helps us to bring back the previous image of the company,” he said.
