Majority of commercial banks won't charge penal fees for delayed payment of loans or interest in a gesture of generosity to their clients amid the current the nationwide deadlock.
Their decision comes following concerns from the businesspeople unable to repay loans because of the ongoing nationwide general holiday and internet outages in the wake of violent acts in the backdrop of student protests.
Simultaneously, the commercial lenders also have decided to pay back the late-payment fees or interest if charged already, according to banks.
The problem in respect of continuing banking operations arose after complete disconnection of the internet services nationwide since last Thursday evening.
As a matter of fact, the transactions and other banking services absolutely got disrupted all over the country for not having virtual connectivity, which triggers severe concerns among the borrowers about facing the burden of penal delay fees for their unwilling or unwanted failure to pay instalment of their loans.
Executive president of Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) Mohammad Hatem said they had already requested the Prime Minister to take steps to resume internet services as quickly as possible as businesses face serious problem to continue their business operations and even repay loans because of countrywide internet outages.
The business leader said business had started a rebound after the Covid-induced shocks. Thereafter broke out the Russia-Ukraine war, affecting the businesses badly.
And the situation worsened further in recent times after the industrial belts passing through severe energy crisis that badly disrupted industrial productions, he recounts the odds.
"The violent protest and its spillover effect are like to be last nail on the coffin," the BKMEA executive president laments.
When contacted, managing director and chief executive officer (CEO) of City Bank Mashror Arefin said the bank decided not to charge any delayed-payment fee or interest from their customers for delayed payments due to nationwide general holiday and internet outages.
Echoing Mr Arefin's view, top executive of BRAC Bank Selim R.F. Hussain said if the delayed-payment fee is already charged by the bank, it will be reimbursed. "The bank is committed to standing by its customers."
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