Sunday, 3 July, 2022

BB launches Tk1bn digital loan fund

Bangladesh Bank has announced a scheme worth of Tk 1 billion for digital nano loans to promote financial inclusion and improve the livelihood of marginalised communities.

“The scheduled banks can disburse the loan through digital mediums (internet banking, mobile apps, mobile financial service and e-wallet),” read a circular signed by Maksuda Begum, Director of Banking Regulation and Policy Department, on Thursday.

The central bank will allocate the funds among the banks for three years in two phases, according to the directive. The banks cannot claim additional fees other than those indicated in guideline. The commercial banks have to ensure “end-to-end” use of digital platforms in disbursement and collection of the installments at an interest rate of 9 percent in maximum six months period.