Regulatory Alerts2015-03-31
Added · Updated
GBSRD Circular Letter No. 03: Amendment of Policy regarding 10 Taka Account Holders Small/Marginal/Landless/Natural Disaster Affected Farmers and Small or Micro Traders under Financial Inclusion Program
The document amends the policy for the 10 Taka Account Holders Financial Inclusion Program by revising the customer-level interest rate calculation method for loans provided by Microfinance Institutions (MFIs). Specifically, it replaces previous instructions with a directive that interest must be calculated on a simple interest basis, while maintaining the maximum customer-level interest rate cap at 9.50%. This amendment, effective immediately, modifies the guidelines previously issued in Circular No. 01 dated May 14, 2014, and Circular Letter No. 03 dated December 22, 2014.