Regulatory Alerts2024-01-18
Added
BRPD Circular No. 01: Opening Revenue Account for Project Finance in Related Banks
All scheduled banks operating in Bangladesh must ensure that for project loans, an Escrow Account or Revenue Account is opened in the lending bank (or lead bank for syndicated financing) in the project's name to collect project income or Sales Proceeds. Lending banks are required to supervise the deposit of these funds to ensure loan recovery. If project income exceeds the loan installment, an additional Revenue Account can be opened in another financial institution with a No Objection Certificate from the lending or lead bank. This instruction, issued under Section 45 of the Bank Company Act, 1991, is effective immediately.
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