Dhaka, Bangladesh (BBN) – Rupali Bank Limited is encouraging the marginal farmers with offering soft loans at the Banking Fair for cultivating four types of import-replacing crops — pulses, oil seeds, spices and maize.
The state-owned commercial bank (SoCB) is offering 4.0 per cent interest rate on the loan in line with the government directives.
The government earlier set the interest rate at 4.0 per cent on special agricultural credit to be disbursed for cultivation of pulses, oil seeds, spices and maize.
The ministry of finance provides subsidy to the banks at 6.0 per cent interest rate so that it can get 10 per cent interest in total when they disburse loan to the farmers at 4.0 per cent rate.
The Rupali Bank is also highlighting it’s a credit product for milk production and it offer only 5.0 per cent interest rate on the product, Md Abed Ali, senior officer of the SoCB, told the BBN at the fair ground on Wednesday.
Bangladesh Bank Governor Dr Atiur Rahman inaugurated the five-day long banking fair on Bangla Academy premises in Dhaka on Tuesday aiming to build a banking nation through boosting the ongoing financial inclusion campaign across the country.
The credit product is being operated by the bank by taking refinance fund from the central bank of Bangladesh, the banker explained.
The SoCB is focusing a deposit pension scheme namely ‘Rupali Deposit Scheme’ during the ongoing fair for street child and farmers.
The street child will be allowed to open general saving scheme with the bank without keeping any balance, according to Mr. Ali.