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.
Bangladesh Bank Chief Executive Office Motijheel, Dhaka-1000. Ref. No. FID Circular Letter No. 02/2020 Dated: Managing Director / Chief Executive Officer All Scheduled Banks Operating in Bangladesh Dear Sir,
Refinance Scheme for the COVID-19 affected low income professionals, farmers and holders of small and marginal businesses, 2020.
Reference is invited to FID Circular No. 01/2020 issued on 20 April 2020 on the subject cited above.
- Paragraph 5 of the cited circular is hereby replaced as follows:
'Under this scheme, any microfinance institution may obtain refinancing facilities from a maximum of three banks. In the case of borrowing from multiple banks, the microfinance institution obtaining refinancing facilities 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 shall take immediate effect.
Yours faithfully,
(Md. Anowarul Islam) General Manager Phone: 02-9530543 Email: fid@bb.org.bd 24 Kartik 1427 09 November 2020
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