Loan repayment policy relaxed for sick industries
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Loading... - Hakim Taleb
- 27 Oct 2022
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Bangladesh Bank yesterday relaxed loan repayment policy for sick industries enlisted by the commerce ministry such that the beleaguered businesses can refund their loans on easy conditions.
If a sick industry pays 2.5 per cent down payment of the principal amount of loans, they will be eligible to get a rebate on the whole interest payment, according to a Bangladesh Bank notice.
After rebating the interest, banks will have to impose the interest rate on the remaining principal amount equivalent to their cost of fund.
The central bank termed the opportunity as a one-time exit facility for the businesses, which are now in a defaulted zone.
The defaulters, whose outstanding amount of loans are more than Tk 50 lakh, will have to repay the loans within three years; otherwise the relaxed facility will be cancelled.
If any business has to repay the fund by selling their lands, they will be allowed to refund the amount within the stipulated duration of three years.
Banks will have to treat the loan as defaulted ones until the whole amount of fund is realised. Read More..
