Bangladesh Bank (BB) has relaxed the loan-repayment and-classification rules for the borrowers of non-bank financial institutions (NBFIs) for the last quarter (October-December) of 2022.
The new policy came three days after the central bank's similar offer for the borrowers of commercial banks.
The central bank offered the NBFI borrowers to keep their loans unclassified by paying 50 per cent of their overdue loan installments for the Q4, according to a circular issued on Wednesday.
It instructed the top executives of the NBFIs to execute the order immediately.
The unpaid portion of the installments of the term loans will be payable in equal installments (monthly and quarterly) within one year after the expiry of the predetermined period of the existing loans, the circular stated.
However, on the basis of the banker-customer relationship, the installments can be rescheduled and collected as per the new schedule, taking into consideration the remaining tenure and extended one-year period.
The circular also mentioned that it will be applicable for the term loans given by the unconventional Islami Shariah-based banking system.
Besides, the central bank also barred the NBFIs from slapping any penalty or additional interest on the borrowers receiving the relaxed payment and loan classification facility for the period.
The instruction was issued as per section 18 of the Financial Institutions Act, 1993.
Meanwhile, the BB in another circular said the loan-rescheduling tenure for the short-term agriculture, cottage and micro credits will be for a maximum of three years for the first time and two and half years for second and subsequent ones.
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