Regulatory Alerts2020-06-25
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BRPD Circular Letter No. 33: Financial stimulus package to mitigate probable economic impact due to breakout of Novel Corona Virus (COVID-19)
The document establishes specific loan and investment terms under the financial stimulus package, setting a maximum tenure of one year and capping total exposure at 30% of the working capital limit approved as of December 31, 2019. Banks are authorized to charge interest or profit on the total amount disbursed within these limits, regardless of whether the funds are provided in a lump sum or in installments over the package's duration. These instructions are effective immediately and are issued under the powers granted by Section 45 of the Bank Company Act, 1991.
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