BB extends deadline until March 31

The central bank has further extended the deadline for execution of the stimulus package for the cottage, micro, small and medium enterprises (CMSMEs) by three months more, officials said.
Under the revised deadline, scheduled banks and non-banking financial institutions (NBFIs) are now allowed to implement the package for the sector by March 31, 2021 instead of December 31, 2020, according to a notification, issued by the Bangladesh Bank (BB) on Sunday.
"We've extended the deadline further to help the banks and NBFIs for implementation of the financial package properly," a BB senior official told the FE.
He also said the banks and NBFIs, which have failed to achieve their targets, will have to submit month-wise action plans to the BB's department concerned by January 17 for implementation of the package properly.
The central bank's latest moves came against the backdrop of slower progress in loan disbursement under the package for the CMSMEs until December 26. The banks and NBFIs disbursed Tk 96 billion of the stimulus package by then.
The disbursed amount is 48 per cent of the total Tk 200 billion financial support for the sector. Loans amounting to Tk 115.20 billion were approved for 73,600 Covid-19 affected CMSMEs across the country during the period, the BB's data showed.
On November 26, the central bank extended the deadline for implementation of the stimulus package for the CMSMEs by one more month, from November 30 to December 31, on the same ground.

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