Bangladesh Bank forms Tk 15,000cr fund for industrial, service sectors
The Bangladesh Bank yesterday formed a refinance scheme of Tk 15,000 crore for the professional and service sectors, much to the relief of the cash-strapped banking sector that was worrying about implementing the Tk 30,000 crore stimulus package announced on April 12 for both from their own sources.
Under the refinance scheme, lenders are certain to get funds in the form of working capital at 4 per cent interest from the BB, which the end-users will get at 9 %.
But to take pleasure from the refinance scheme, banks will need to provide at least 50 % of every loan to the industrial and service sector borrowers from their own sources.
The duration of the refinance scheme is 3 years that will act as a revolving fund. Banks must sign a participation agreement with the BB to enjoy the fund from the scheme.
Banks will be allowed to get an interest subsidy of 4.50 % for the disbursed loans, which will be distributed by their own sources.
The affected clients, who've already taken loans from banks, will be permitted to take a maximum 30 % loans from their existing borrowing limit. The new borrowers are certain to get 30 % loans of their requirement.
The most damaged borrowers will be given priority while disbursing loans from the fund and banks provides the loans from their own coffer.
