Cold storage loan defaulters can go for rescheduling

The loan defaulters in the country's cold-storage industry will now be able to reschedule their debts.
The defaulted loans may be settled down within a maximum of 10 years, including a one-year grace period.
To this end, the Banking Regulations and Policy Department of Bangladesh Bank issued a circular on Thursday considering the importance of the industry in the agricultural food supply chain.
The circular said on the balance as of June 30, commercial banks should create two separate accounts - one for interest and another for principal amount.
The interest accounts as of 30 June 2022 should be made as a block account.
The clients will pay the interest part later.
But after a down payment to banks, the defaulters will get a maximum of 10 years to repay loans, including one year's grace period.
But they will have to apply to banks for such privilege within 90 days after down payment.

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