BB boosts digital refinance scheme to Tk 5.0b

The Bangladesh Bank (BB) has enhanced the refinancing scheme named digital micro-loan to Tk 5.0 billion from Tk 1.0 billion.
The BB introduced the refinancing scheme on June 2022 last year.
The central bank has raised the fund to increase the financial inclusion of marginalized people to meet the growing demand for digital loans in the country, as per a BB circular issued on Sunday.
The other purposes of the fund are to encourage and habituate the marginalized people to do digital transactions, and enhance the progress of building "Smart Bangladesh", it said.
The participating banks of the refinance scheme will be able to disburse loans amounting to Tk 500 to Tk 50,000 to individual customers with up to 9.0 per cent 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.

jasimharoon@yahoo.com