4 years ago

1.92m MFS accounts created in RMG sector to avail mobile banking

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Around 1.92 million Mobile Financial Service (MFS) accounts have been created since April 4 in the readymade garment (RMG) sector following a government move to provide salaries and allowances of the workers and employees through mobile banking, reports BSS.

The accounts have been opened through three MFS providers – Bkash, Rocket and Nagad, said a media statement of Bangladesh Garment Manufacturers and Exporters Association (BGMEA).

Out of the 1.92 million accounts, around 0.97 million have been opened through Bkash while 0.55 million through Rocket and 0.4 million through Nagad.

Earlier, Bangladesh Bank instructed all authorities concerned to open MFS accounts for all workers and employees of export-oriented industries and factories by April 20 to facilitate providing salaries and allowances from the government’s financial package.

Prime Minister Sheikh Hasina announced a stimulus package of Taka 50 billion for export-oriented industries to fight the impact of coronavirus on the country’s economy.

Under the stimulus package, the central bank will provide loans without interest as per the demand of banks, but banks can take 2.0 per cent one-time service charge for bearing their administrative costs.

Export-oriented industries, which export minimum 80 per cent of its total production, will be eligible for the government-announced financial stimulus fund.

The owners or management of those industries could take loan from that fund and thus could disburse the salaries of their employees and workers for three months (April, May and June of this year).

The borrowers will get a six-month grace period, meaning that they will start paying back the borrowed money in installments to the government from the seventh month of receiving the money. The loan amount will be repaid in two years by 18 installments.

If anyone does not pay the loan installment in time, the loan will become classified as per the conventional rules and 2.0 per cent interest will have to be paid on the outstanding installments.

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