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BB raises digital refinance scheme's fund to Tk500cr

BSS . Dhaka
16 Jul 2023 18:37:00 | Update: 16 Jul 2023 18:41:25
BB raises digital refinance scheme's fund to Tk500cr

The Bangladesh Bank (BB) has increased the fund of the 'Digital Nano Loan' to Taka 500 crore from Taka 100 crore.

The central bank has raised the fund to increase the financial inclusion of marginalised people amid meet the growing demand for digital nano loans in the country, as per a BB circular issued on Sunday.

The other purposes of the fund are to encourage and habituate the marginalised people to do digital transactions, and enhance the progress of building "Smart Bangladesh", it said.

The Taka 100 crore refinance scheme was introduced on July 2 last year.

Participating banks of the refinance scheme will be able to disburse loans amounting to Taka 500 to Taka 50,000 to individual customers with up to 9 per cent interest under the scheme.

The loans have to be disbursed entirely digitally by using Internet banking, mobile apps, mobile financial services, or e-wallet services, according to the central bank.