The country's non-banking financial institutions (NBFIs) are still reeling under the manipulation of one Prashant Kumar (PK) Halder. The entire sector has been bearing the brunt of losses for six consecutive years. At the end of last year, the overall loss of this sector increased to Tk 3,555 crore. In 2023, the combined loss of all financial institutions was Tk 1,803 crore. Accordingly, the loss of the entire sector has almost doubled in the space of one year.

The plight of the non-bank financial sector began in 2014, at the hands of PK Halder. Sitting as the Managing Director (MD) of a financial institution, he used to control four other institutions anonymously. Later, this associate of S Alam, who is widely criticized for the banking sector's loan irregularities, took out huge loans from these financial institutions one by one anonymously. The entire sector is now in turmoil due to a few financial institutions that fell into crisis due to PK Halder's irregularities.

According to Bangladesh Bank sources, there are currently 35 financial institutions in the country. Of these, 22 are domestically owned. 13 are jointly owned by domestic and foreign investors. Of these, Bangladesh Bank has issued notices asking why 20 institutions with high defaulted loans and inability to repay money should not be closed. Of these, 11 institutions have submitted their turnaround action plans to Bangladesh Bank. Bangladesh Bank has taken the initiative to close the remaining 9 financial institutions. The government has also agreed to this. Bangladesh Bank has taken the initiative to form a fund to return the money to depositors after the closure of these 9 financial institutions.

Although the entire financial sector is reeling under huge losses, some companies in this sector are doing very well and are even making a profit. These include IDLC Finance, IPDC Finance, LankaBangla Finance, DBH Finance, IDCOL, United Finance, National Housing and a few others that were profitable last year. The rest have incurred huge losses, bringing the combined loss of the entire sector to over 3,500 crore taka.