BB asks banks not to charge late fees

Bangladesh Bank (BB) has asked all scheduled banks not to charge late fees from clients over delayed repayment and depositing in saving schemes between July 18 and July 25.

Many loan borrowers and credit customers could not make their payments on time due to the recent situation, as per a BB circular issued on Wednesday, reports BSS.

Moreover, depositors could not deposit their money in their various savings schemes.

In this situation, customers will not be charged late payment fees if they clear their dues incurred from 18 to 25 July by the end of this month, said the circular.

The instruction, which will come into effect immediately, will be applicable to all credit card customers, general loan borrowers and savers.

Banks will not cut interest on saving schemes for the delay in depositing money, said the circular.

Interbank transactions

Meanwhile, BB has also re-fixed the duration of interbank transactions for Wednesday and Thursday.

On July 24-25, high value clearing cheques presentment cut off time will be 12pm while the return cut off time will be 1:45pm, as per a BB notification issued on Wednesday, reports BSS.

During the days, return value clearing cheques presentment cut off time will be 12:30pm while the return cut off time will be 2:30pm.

Transaction of both sessions through BEFTN will be in the existing schedule.

Transaction through Real Time Gross Settlement (RTGS) will be 11am to 3pm.