Loading...
The Financial Express

Banks can give loans in phases in three years

Stimulus rules for large cos ease


| Updated: June 28, 2020 12:34:34


Banks can give loans in phases in three years

The central bank has relaxed guidelines, allowing scheduled banks and non-bank financial institutions (NBFIs) to provide loans under the financial stimulus package to large industries and services in phases within three years.

Following the relaxation, all the scheduled banks and NBFIs will be eligible to provide the loans, maximum 30 per cent, as working capital from the existing credit limit of customers concerned within three years in phases instead of single disbursement, according to a notification, issued by the Bangladesh Bank (BB) on Thursday.

"We've relaxed our guidelines to bring more Covid-19-affected businessmen under the government-announced financial stimulus package to help revamp their businesses," a senior official of the BB told the FE while explaining main objective of the relaxation.

He also said businessmen will also be benefited from it.

The central bank earlier issued the guidelines to implement the government announced Tk 300 billion stimulus package for large industries and services.

Prime Minister Sheikh Hasina has so far announced a total of 19 stimulus packages amounting to Tk 1.03 trillion to offset impact of the coronavirus pandemic on various sectors of the country.

The packages, which worth 3.7 per cent of the country's gross domestic product (GDP), will be implemented under supervision of the central bank and the Ministry of Finance.

siddique.islam@gmail.com

Share if you like