Regulatory Alerts2020-11-09
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FID Circular Letter No. 02: Refinance Scheme for the COVID-19 affected low income professionals, farmers and holders of small and marginal businesses
The document amends Paragraph 5 of FID Circular No. 01/2020 regarding the Refinance Scheme for COVID-19 affected low income professionals, farmers, and small and marginal business holders. It stipulates that a microfinance institution may obtain refinancing facilities from a maximum of three banks. When borrowing from multiple banks, the institution must submit a declaration to the first refinancing bank containing details of loans obtained from the first and, where applicable, the second bank to ensure the prescribed limit is not exceeded. These instructions take immediate effect.
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