Flood-hit people may reschedule their loans

Dhaka,  Sun,  24 September 2017
Published : 23 Aug 2017, 01:12:28

Flood-hit people may reschedule their loans

FE Report

Bangladesh Bank (BB) issued Tuesday a fresh policy on rescheduling short-term agriculture, micro-credit and SME loans to help the flood-affected borrowers continue their economic activities.

The banks were allowed to reschedule such loans based on 'banker-client' relationship through relaxation of down payment requirements.

"The policy support is to help the entrepreneurs keep their businesses uninterrupted despite the ongoing floods," a senior official of the central bank told the FE.

The flood-affected farmers and entrepreneurs will be eligible for getting fresh loans without depositing any compromised amount after rescheduling such loans, according to the policy.

It said maximum six-month will be treated as a grace period for such rescheduling of loans under the 'banker-client' relationship.

The banks may reschedule such loans after disposal of the certificate cases through mutual agreements with the clients. Such rescheduled facility will continue until June 30 next year.

The central bank took the latest move against the backdrop of the current floods in the northern and central districts that directly affected around 5.20 million people and so far claimed 109 lives.

Earlier on July 27, the BB unveiled an agricultural and rural credit policy and programme with a disbursement target of Tk 204 billion for the ongoing fiscal year (FY), projecting 16.24 per cent growth than that of the previous fiscal.

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