Regulatory Alerts2010-11-03
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BRPD Circular No. 33: Prudential Regulations for Consumer Financing
Regulation 21 of the Prudential Regulations for Consumer Financing is amended to prohibit banks from financing the purchase of used cars older than five years. Banks desirous of financing used vehicles must prepare uniform guidelines for determining the value of those vehicles. This change results from an amendment to the Import Policy Order, 2009-2012 and applies to all scheduled banks in Bangladesh.
website: www.bangladesh-bank.org www.bangladeshbank.org.bd www.bb.org.bd Banking Regulation & Policy Department Bangladesh Bank Head Office Dhaka-1000 November 03, 2010 BRPD Circular No. - 33 Date : ----------------------- Kartik 19, 1417 Chief Executives All Scheduled Banks in Bangladesh Dear Sir, Prudential Regulations for Consumer Financing Please refer to Regulation 21 of Guidelines for Prudential Regulations for Consumer Financing (Regulations for Auto loans), circulated vide BRPD Circular No. 07, dated November 03, 2004 and BRPD Circular No. 08, dated October 06, 2008. 02. Due to amendment in the Import Policy Order, 2009-2012 it has been decided to make changes in Regulation-21 of Prudential Regulations for Consumer Financing which now stands as under: Regulation-21: ‘‘The banks desirous of financing the purchase of used cars shall prepare uniform guidelines for determining value of the used vehicles. However, in no case the bank shall finance the cars older than 5 (Five) years. '' Please acknowledge receipt. Yours sincerely, sd/- (Md. Jahangir Alam) General Manager Phone: 7117825
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