Regulatory Alerts2021-01-12
Added
BRPD Circular Letter No. 06: Financial stimulus package to mitigate probable economic impact due to breakout of Novel Corona Virus (COVID-19)
The Bangladesh Bank directs all scheduled banks operating in Bangladesh to ensure that for loans or investments provided under the government's financial stimulus package, only the portion of interest or profit paid by the customer (up to 4.50%) is charged to the customer's account, while the remaining portion is kept in a separate account. Banks are prohibited from charging the entire interest or profit to the customer's account, which causes financial loss to customers, unless the customer fails to pay their share on time, in which case the bank may charge the full amount as a liability. This directive is issued under Section 45 of the Bank Company Act, 1991, and takes effect immediately.