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Home›Marine stocks›BB authorizes relaxed loan facility for NBFI customers

BB authorizes relaxed loan facility for NBFI customers

By Andre Cruz
June 28, 2022
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Borrowers of non-banking financial institutions (NBFIs) can now avail a flexible loan repayment facility similar to that enjoyed by bank customers until December this year, according to a Bangladesh Bank notice released yesterday.

According to the notice, NBFI borrowers who are struggling to repay their loans can benefit from the eased repayment facility given the recent resurgence of the coronavirus pandemic and floods in the north and northeast of the country. .

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Thus, borrowers will be able to avoid falling into the default loan category by repaying half of the loan payable for the April-December period.

Customers will have to pay half of the amount to be paid every quarter during the period mentioned by the central bank.

The eased facility will be offered to borrowers who are facing a crisis to repay their installments due to the pandemic.

However, businesses that currently have low cash flow will not be eligible for the support.

Borrowers can avoid falling into the default zone by repaying half of the loan payable from April to December

On the other hand, the NBFI-customer relationship can also be leveraged to extend support.

These conditions will not apply to borrowers affected by the floods in the handicrafts, micro, small and medium-sized enterprises and agriculture sectors.

In addition, NBFIs will not be permitted to transfer unrealized interest on loans receiving deferral support as income.

The central bank’s move comes after the Federation of Bangladesh Chambers of Commerce and Industry, the country’s top trade body, pushed for a relaxed loan classification policy until December. The banking regulator issued a separate notice to bank customers on June 22, allowing them to benefit from the relaxed loan repayment facility.

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