Home ›› 23 Aug 2021 ›› Front
After a five-month adjournment, the Bangladesh Bank is going to resume its on-site supervision from today to scan irregularities, if any, in scheduled banks and non-banking financial institutions.
The Human Resources Department-2 of the Bangladesh Bank issued instructions on Sunday to its departments concerned to carry out inspection.
As part of its investigation, the authorities will specially check out whether the banks are pursuing the guidelines for stimulus package distribution.
“The banking sector had been operating within a limited extent due to restrictions induced by the pandemic that delayed our resumption of inspection activities,” Sirajul Islam, executive director and spokesperson of the Bangladesh Bank, told The Business Post.
“Now everything is getting normal and all banks have started their functions. That is why we have taken up the move.”
The central bank will go to field visit to inspect overall situation of incentive disbursement.
The stimulus packages subsidised by the central bank aim at addressing the pandemic shock the economy is reeling from.
The Bangladesh Bank is now keen to observe that all scheduled banks have properly handed out incentives in sectors as instructed and what the current situation is concerning the stimulus package distribution.
The government announced 23 incentive packages worth Tk 1,32,553 crore to address the risk of possible economic loss due to the outbreak of coronavirus that strained the economic activities.
These loans will be disbursed on easy terms and at low interest through the banking channel as working capital for the affected industries.
According to the finance ministry, the package will cover loans for industries, services and enterprises -- small and medium in size.
The banks, however, will get 9 per cent interest on the loan. The borrower will pay half the 9 per cent while the government another half as subsidy.
The Ministry of Finance will provide interest subsidy to the Bangladesh Bank for the implementation of this loan-based incentive package.
Later, the central bank will release money in favour of the banks as per the demand.
