BD orders banks to launch digital microcredit services

The Bangladesh Bank has formed a Tk 1 billion refinancing fund for the banks to lend customers between Tk 500 and Tk 50,000 under a digital microcredit scheme, reports bdnews24.com.

The interest rate for the customers will be maximum 9 percent 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.

The central bank said the fund will be increased if demand for loans under the scheme rises.