Regulatory Alerts2020-04-20
Added · Updated
FID Circular No. 01: Refinance Scheme for Low-Income Professionals, Farmers, and Micro-Businessmen Affected by COVID-19
This circular establishes a BDT 3,000 crore revolving refinance scheme for low-income professionals, farmers, and marginal/micro-businessmen affected by COVID-19. All scheduled banks can participate as financing banks, providing funds to Microfinance Institutions (MFIs) certified by the Microcredit Regulatory Authority (MRA). At the customer level, micro-loans are capped at BDT 75,000 for individuals and BDT 300,000 for groups, while micro-entrepreneur loans are capped at BDT 1,000,000 for individuals and BDT 3,000,000 for groups, with a maximum annual interest rate of 9%. The scheme has a duration of 3 years and is effective immediately.