Regulatory Alerts2024-07-24
Added · Updated
DFIM Circular Letter No. 24: Payment of the loan and installment of savings schemes.
Finance companies operating in Bangladesh are instructed to waive all interest, profit, penalty interest, additional charges, late fees, and fines on overdue loan payments made between July 18, 2024, and July 31, 2024. The directive also prohibits the imposition of late fees or penalties on savings scheme installments paid by this date, bans the closure or cancellation of such schemes due to payment delays during this period, and forbids paying reduced interest rates for these delayed payments. Any fees or penalties already collected from borrowers or depositors for transactions falling within this window must be refunded or adjusted immediately.
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