Dhaka, Dec. 1 -- Bangladesh Bank has approved the liquidation of nine non-banking financial institutions (NBFIs) after years of irregularities, mismanagement and failure to return depositors' funds, marking one of the largest clean-ups of the sector to date.

The central bank's Board of Directors signed off on the move at a meeting on November 30, allowing regulators to begin the formal process under the Bank Resolution Ordinance 2025, according to officials familiar with the decision.

"The board has approved the issue. The central bank will now scrutinise and finalise which institutions will be liquidated," an executive director of Bangladesh Bank told UNB on Monday.

The institutions identified for potential closure are Peoples Leasing...