BRPD Circular Letter No. 15: Time extension for repayment of loans/investments from stimulus Fund for active export oriented industries workers as salary due to breakout of Corona Virus (COVID-19)

Ref: BRPD Circular Letter No. 15 Department of Banking Regulation and Policy Bangladesh Bank Head Office Dhaka. 24 February 2021

BRPD Circular Letter No. 15 Date: --------------------- 11 Falgun 1427

To, Managing Director/Chief Executive All Scheduled Banks operating in Bangladesh.

Dear Sir,

Regarding the extension of the time limit for repayment of loans provided to workers and employees of active export-oriented industries for the payment of salaries and allowances, in order to cope with the negative impact of COVID-19.

Reference is invited to BRPD Circular No. 07 dated 02 April 2020 and the instructions issued in this regard.

2. Loans were provided to active export-oriented industries in favor of workers and employees working in these industries from the government's announced 5,000 crore Taka financial stimulus package for the payment of salaries and allowances for the months of April/2020 to July/2020, and from the stimulus package announced as working capital for industries and service sector establishments. The date for the first installment repayment against the loans provided under the said package was fixed by January/2021.

3. Now, the following instructions must be complied with by the said loan borrowers regarding the installment repayment of the loans taken:

a) Loan borrowers will be entitled to a grace period of 6 more months from March/2021; b) After the expiration of the said grace period, the remaining amount must be repaid in 18 equal monthly installments.

4. In addition, other instructions previously issued on the subject matter will remain unchanged.

5. This instruction is issued under the powers conferred by Section 45 of the Bank Company Act, 1991.

This instruction will come into force immediately.

Yours faithfully,

(Md. Nazrul Islam) General Manager Phone: 9530252