Bangladesh Bank on Sunday raised the fund for the digital refinance scheme from Tk100 crore to Tk500 crore, for digital nano loans for the poor.
The decision was taken to increase financial inclusion amid growing demand for digital nano loans in the country, the central bank said in a circular.
The other purposes of the fund are to encourage and habituate the poor with digital finance, as part of the "Smart Bangladesh" initiative, it added.
The Tk100 crore refinance scheme was introduced on July 2 last year.
Participating banks of the refinance scheme will be able to disburse loans amounting to Tk50,000 to individual customers with up to 9% interest under the scheme.
The loans have to be disbursed entirely digitally by using internet banking, mobile apps, mobile financial services, or e-wallet services, according to the central bank.
