Borrowers get fascination rebate for Apr-May
The Bangladesh Lender yesterday drew up an insurance plan to rebate interest for borrowers for the April-May period as part of its move to provide a breathing space to them from the ongoing economic fallout.
The borrowers, who have taken out no more than Tk 1 lakh in loans from banks, won't have to provide any interest, according to a notice issued by the central lender.
Banks will need to waive 2 percentage details fascination for the borrowers, whose credit rating quantity is between Tk 1 lakh and Tk 10 lakh.
The large borrowers with loans greater than Tk 10 lakh will be permitted to get 1 percentage point rebate. Significant borrowers will receive a highest fascination rebate of Tk 12 lakh according to the BB decision.
Banks will enjoy a subsidy of Tk 2,000 crore from the federal government to rebate the interest. This means banks won't rebate any amount by giving money from their private source.
The banking regulator directed banks on May 3 to transfer all interest accrued or even to be accrued between April 1 and May 31 this year from all their loans to an interest-free blocked account.
The BB calculated that a total of more than Tk 16,000 crore in interest was blocked by banks in both months, which Tk 2,000 crore will be rebated.
