Dhaka: Bangladesh Bank (BB) on Monday issued three major directives to protect public interests and ensure that all banks and financial institutions follow respective rules and regulations.

In a directive, BB asked all banks to offer public hassle-free services for changing old and torn banknotes with new ones.  

Noting that it had already received allegations of non-cooperation and unwillingness of some banks in exchanging old notes, BB warned banks of punitive action in case of failure by any bank in providing proper service in this regard.

BB in another directive asked all non-banking financial institutions (NBFIs) to get its prior approval for renting any building or space for expansion of their head offices, opening new branches or booths.  

A BB official said the directive was issued so NBFIs could not spend as much money as they want for renting, which would ultimately cost their clients.

In another directive, BB asked all AD (authorised dealers) banks to stop opening of the letters of credit (LCs) for importing plants and fruits by the importers who fail to produce necessary permission from the authorities concerned and under the destructive insects and pests rules.