Banking hour extends as loan applications pile up

Banks from Sunday started operating from 10am to 2:30pm as per a Bangladesh Bank directive on May 5. Despite the new schedule in the coronavirus fallout work load on bankers is likely to mount with loads of pending loan applications on their shoulders. Traders have filed these applications to get benefit from government-announced incentive packages.

Owners of the export-oriented industries are badly in need of the loans to pay their workers’ salaries.

Export-oriented factories have already submitted loan applications under the stimulus package for the sector, said an official of a bank, adding that the applications would have to be approved by the bank’s committee dealing the issue.

Bangladesh Bank has also specified services that can be provided in the open branch. Services include checks or cash deposits, withdrawals, payment of wages to garment workers, loan disbursements and disbursements.

Apart from this, payment of maturity of various types of national savings certificates and withdrawal of money every month will continue. Banks will also have to maintain all the facilities that are settled through the central bank.

“In order to keep the bank open, it is necessary to follow the social distance policy formulated by the World Health Organization in pandemic time,” said Sirajul Islam, Bangladesh Bank spokesperson and executive director.

The banks have been asked to keep sufficient money in their respective booths to facilitate transactions through ATMs, he added.