Banks asked to take immediate measures to implement stimulus packages

The Bangladesh Bank has asked all scheduled banks to take effective measures to immediately implement the stimulus packages announced by the government to fight the impact of coronavirus on the country's economy.

The central bank also asked the banks to set up separate help desks at every branch to assist applicants seeking loans from the stimulus packages.

The Banking Regulation and Policy Department of the central bank issued a circular on Thursday asking the chief executive officers and managing directors of all scheduled banks to take steps in this regard.

The Bangladesh Bank instructed banks to involve head office officials, and all branches and sub-branches in the process of disbursing loans under the stimulus packages the government announced to help businesses and investors overcome the adverse economic impact of the Covid-19 outbreak.

According to the circular, banks will have to settle loan applications within the shortest period after they are received.

Information related to the stimulus packages should be displayed in an easily noticeable place at branches, said the Bangladesh Bank circular.  It added that overall monitoring of the loan packages should be done under the direct supervision of the chief executives of banks. 

The circular said the government has so far announced stimulus packages worth Tk103,117 crore for businesses, the agriculture sector, and the poor.