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Bangladesh Bank yesterday relaxed rules over its Tk 3,000 crore stimulus package dedicated for low-income professionals, marginal farmers and micro-enterprises.
The latest initiative will encourage banks to disburse loans from the fund in a way such that the groups will subsequently be able to avail the finance efficiently, said a central bank official.
The stimulus fund is now being given out through banks via microfinance institutions (MFIs) in order to salvage the pandemic-hit clients.
As per the new rules, banks will avail the fund from the central bank at a 0.5 per cent interest rate in contrast to the previous 1 per cent.
The MFIs will get the fund at 3 per cent interest rate against the previous 3.50 per cent, according to a BB notice.
This means both banks and non-bank financial institutions (NBFIs) would feel comfortable in disbursing the fund.
The central bank had earlier said banks can disburse the fund only through the MFI channel.
But the latest BB notice said bank would also be able to disburse the fund directly among their clients.
In such a situation, borrowers can get the fund at a 7 per cent interest rate.
In April last year, the BB unveiled the refinance scheme, which is a revolving fund of three years, for the marginal people to keep them afloat amidst the coronavirus pandemic.
Banks have so far disbursed around Tk 2,300 crore under the programme.
The new rules have also allowed each bank to disburse funds through five MFIs against a previous maximum of three.
(TDS)
