BB asks banks to submit SME loan disbursement statements every fortnightly

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DHAKA, June 22, 2020 (BSS) – Bangladesh Bank (BB) has instructed banks
and Non-bank Financial Institutions (NBFIs) to submit loan
disbursement statements to the SME and Special Programmes Department
within five days after every fortnight.

“From now on, banks and NBFIs have to submit loan disbursement
statements to the SME and Special Programmes Department within five
days after every fortnight. This means the first statement has to be
submitted within the 20th day of current month, and the second one
within the 5th day of the next month,” said a BB circular issued
today.

Banks and financial institutions have been asked to speed up loan
disbursement to the cottage, micro, small and medium enterprise
(CMSME) sector under the stimulus package as the central bank observed
that current responses are not so satisfactory, the release added.

On April 13, the Bangladesh Bank issued a guideline, describing the
process of implementation of the stimulus package of Taka 20,000
crore.

From the package, the CMSME sector will get working capital loan at
the rate of 9 percent interest, but the government will bear half of
the interest as a subsidy. So, the real interest of the SME loans will
stand at 4.5 percent.

To implement the package properly, the central bank formed a Taka
10,000 crore refinance fund. Around 55 banks and NBFIs have already signed
agreements with the Bangladesh Bank for disbursing loan from the
refinance scheme.