• Monday, Dec 06, 2021
  • Last Update : 04:53 pm

BB recognizes 17 banks, NBFIs for CMSME loan disbursement

  • Published at 04:51 pm October 18th, 2021
Bangladesh Bank
Mehedi Hasan

The banks and financial institutions whose loan disbursement targets were more than Tk10 crore were selected for the award

Bangladesh Bank decided to recognize 17 banks and non-banking financial institutions (NBFI) that met their Covid-19 stimulus loan disbursement targets under the first phase Tk20,000 crore incentive package for the cottage, micro, small and medium enterprises (CMSMEs).

The central bank stated that these recognitions are made to encourage other banks and financial institutions to lend to small borrowers.

According to central bank officials, the banks and financial institutions whose loan disbursement targets were more than Tk10 crore were selected for the award.

The central bank authorities will hand over honorary certificates to the managing directors of these banks in recognition of their efforts. 

The event will be held this Wednesday at Bangladesh Bank premises.  

Among the awardees, 13 are banks and 4 are financial institutions.

The banks are Agrani Bank, Bangladesh Krishi Bank (BKB), Rajshahi Krishi Unnayan Bank (RAKUB), United Commercial Bank Limited (UCBL), Premier Bank, Uttara Bank, Prime Bank, Mutual Trust Bank, Madhumati Bank, Bank Asia, Commercial Bank of Ceylon, Eastern Bank and Brac Bank.

The non-bank financial institutions (NBFI) to be certified by Bangladesh Bank are IPDC, IDLC, Lankabangla and United Finance.

Meanwhile, the central bank served show-cause notices on 14 banks and 2 non-bank financial institutions (NBFIs) for failing to achieve the Covid-19 stimulus loan disbursement target in the CMSME sector on September 4 this year.

Earlier on April 5 last year, Prime Minister Sheikh Hasina announced a CMSME stimulus package to aid the enterprises affected by the coronavirus outbreak.

A fund of Tk20,000 crore had been set up as working capital to facilitate these loans.

On April 13 of the same year, the Bangladesh Bank issued a policy on the disbursement of loans from the package.

The loan interest rate of this fund was set to 9%. However, the recipients are to pay 4% of the interest while the remaining 5% is being subsidised by the government.

About Tk1,500 crore was disbursed from this fund in the last financial year.

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