Regulatory Alerts2024-09-01
Added · Updated
BRPD Circular Letter No. 40: Loan facility for payment of salaries and allowances to workers of active export-oriented industries
Scheduled banks are authorized to provide term loans outside the working capital limit to active export-oriented industries to pay August 2024 salaries and allowances, with the loan amount capped at the average salary paid over the preceding three months. Eligibility requires the industry to export at least 80% of total production and have paid salaries from May to July 2024, supported by a certificate from a recognized trade association. The loans are subject to market interest rates, must be paid directly to workers' accounts, and cannot cause the borrower's total debt to exceed the single customer credit limit, with a maximum tenure of one year including a three-month grace period and no additional charges permitted.
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