The Bangladesh Bank has offered a one-time exit facility to defaulted borrowers of the Non-Bank Financial Institutions (NBFIs) sector for the first time to boost recovery.
"Defaulted borrowers would be able to apply for the facility by paying minimum 2 per cent down payment while the repayment period will be one year depending on the financial institutions-customers relationship," as per the central bank notice issued on Tuesday.
The BB notice said that the loans of financial institutions were not recovered on due time for the ongoing Covid-19 pandemic and other issues.
As a result, those loans became classified, which prompted the BB to offer such as facility.
The one-time exit facility would be applicable for the defaulted loans as of December 31, 2021.
More to follow…
