Bangladesh Bank on Sunday relaxed loan rescheduling policy for the non-bank financial institutions after it eased the policy for the scheduled banks on December 23.
The NBFIs will have to apply the relaxation for all kinds of loans taken by the businesses who have suffered losses due to the current political unrest.The central bank’s move came after the country’s major trade bodies demanded the support as the businesspeople are now facing dull situation amid the political violence.
The BB on Sunday issued a circular to managing directors and chief executive officers of all NBFIs saying that they would be able to receive relaxed down payment to reschedule the classified loans on the basis of the bankers-customers relationship.
The BB circular said that the NBFIs would be able to restructure the loans of the unrest-hit businesses.
The NBFIs will have to take ‘no objection’ from the central bank for offering the relaxed loan rescheduling and restructuring facility after taking approval from their own authorities, the circular said.
Transportation of the agriculture products and the industrial raw material has faced a setback due to the existing unrest which has put an adverse impact on the country’s business and the economic activities, the circular said.
Under the circumstances, the BB relaxed the loan rescheduling and restructuring policies to save the businesspeople from the impact of the unrest.
The relaxed policy will remain effective till June 30, 2014, the circular said.
-With New Age input
