Banks asked never to charge late costs for credit cards
Bangladesh Bank yesterday asked lenders not to impose any late payment service fees on credit cardholders, who have found it difficult to clear the bills because of the ongoing movement restriction and short banking hours.
Lenders are also asked to refund clients who paid late payment service fees on credit card bills from March 15 onwards, according to a notice from the central bank.
Besides, no form of penal interest will be imposed on credit cardholders in case of failure to pay an instalment promptly.
These instructions will remain in place until May 31.
In another move, the Bangladesh Bank instructed lenders to create a 5 % maximum margin when opening letters of credit for the import of baby food.
BB took this task in fears that there could be a shortage for the product both at locally and globally because of the ongoing coronavirus pandemic.
Therefore, banks were told to take satisfactory measures to guarantee the option of baby food at local markets.
Lenders have already been asked to follow these instructions until June 30.
