The Bangladesh Bank has formed a Tk 1.0 billion refinancing fund for the banks to lend customers between Tk 500 and Tk 50,000 under a digital microcredit scheme.
The interest rate for the customers will be maximum 9.0 per cent and the services must be provided through digital means, such as internet banking, mobile app, mobile financial services and e-wallet, the central bank said in a notice on Thursday.
The central bank will disburse Tk 500 million from the fund initially. The rest will be disbursed if the first round of financing is used properly, reports bdnews24.com.
The central bank said the fund will be increased if demand for loans under the scheme rises.
It said it developed the fund to expand financial products or services for an inclusive and sustainable financial sector for the underprivileged and marginal people.
The fund has a three-year term. The banks will have to bear the risks of disbursing the loans.
