Dhaka, Bangladesh (BBN) - The central bank of Bangladesh has relaxed the loan rescheduling policy for the non-banking financial institutions (NBFIs) for the next six months to facilitate financing for the businesses, affected by the ongoing political unrest.
Under the relaxation, the NBFIs have been allowed to reschedule loans by fixing their down payment and time-limit for repayment on the basis of NBFI-customer relationship for all affected sectors including small and medium enterprises (SMEs) and agriculture.
The Bangladesh Bank (BB) has also allowed the NBFIs to restructure their unclassified loans through re-fixing the repayment schedule at a reasonable level.
“The NBFIs will have to obtain clearance from the central bank for all cases, following approval by their authorities,” a senior BB official said, adding that such relaxation facility will remain in effect until June 30, 2014.
The central bank issued a directive in this connection Sunday, and asked the chief executive officers and managing directors of all NBFIs to follow the latest policy on loan rescheduling.
Earlier on December 23 last, the BB relaxed the loan rescheduling policy for the next six months for commercial banks to facilitate financing of the businesses, affected by the ongoing political turbulence.
The central bank has taken the latest measure as the country’s overall business activities came under tremendous pressure in the recent months following frequent spells of blockade and shutdown, enforced by the opposition parties over formation of the poll-time government.
BBN/SSR/AD-30Dec13-1:33 pm (BST)