Home ›› 09 Nov 2020 ›› World Biz

BB relaxes Covid-19 stimulus for small ventures

TBP Desk
09 Nov 2020 22:51:20 | Update: 10 Nov 2020 10:53:33

Where Micro-Finance Institutions (MFI) had previously received financing from only one bank (for disbursement of loans) under the scheme, they will now receive financing from three banks.

Financial Inclusion Department of the Bangladesh Bank has issued a circular allowing the Micro-Finance Institutions (MFI) receive financing from three banks. Previously, these institutions were allowed to receive financing from only one bank.

The central bank's Financial Inclusion Department issued a circular in this regard on Monday.

The decision has been taken to make it easier for microfinance institutions to receive money from banks under a scheme for low-income professionals, farmers, and marginal or small traders affected by the coronavirus pandemic.

But, if availing financing from the third bank, MFIs must ensure that loans have been taken within the specific limit. At the same time, information on loans from the first two banks must be submitted to the third bank.