Monday, 24th June, 2024
Monday, 24th June, 2024
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All borrowers can now enjoy loan moratorium, central bank clarifies

Borrowers who rescheduled their defaulted loans under the Bangladesh Bank’s (BB) relaxed policy in 2019 are now allowed to enjoy loan moratorium facilities like other clients, officials said.

Besides, customers who have availed the ‘One Time Exit’ facility are now entitled to get a maximum of 180 days more to adjust their dues, according to a clarification issued by the central bank on Wednesday.

“We’ve clarified that all borrowers would be eligible for the loan moratorium facility to offset adverse impacts of the ongoing Covid-19 pandemic on the overall business activities in the country,” a senior BB official told the FE while explaining the main objective of the clarification.

The central bank has already suspended the rules for classification of loans from January 01 to December 31 this year to help the businesses overcome the damaging effects of the pandemic.

On May16 last year, the central bank offered a special facility to loan defaulters, allowing them to reschedule loans by paying 2.0 per cent down payment for a maximum period of 10 years.

The borrowers can also avail the ‘One Time Exit’ facility by clearing all dues by 360 days after approval of such facility by the banks concerned.

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