Financial relief for the deserving

It has been reported that the Bangladesh Bank has taken a measure which will small farmers, shopkeepers and sundry traders, mostly located in the rural areas. Hopefully, this measure will give them some relief from the crippling burden of small loans.
As reported, Bangladesh Bank (BB) has taken a commendable step in the right direction that will help the common people a lot. BB has introduced a simple rate of interest for Tk.10.0 account holders, for their loans up to a maximum of Tk.35,000.00. For them, the maximum interest rate of 9.5 per cent from banks, and maximum 7.0 per cent if taken through financing institutions, will be applicable. Further, the marginal client may be allowed a six-month grace period in justifiable circumstances for repaying their loans.
This encouraging idea needs wide publicity through all audio-visual means. The government should also mobilise the rural authorities and village headmen, so that our rural areas are well covered. It is important that this message is known all over, and the villagers start getting these concessional interest facilities soon. It will help the local farmers and sundry small tradesmen who are the prime components of our rural economy. Last but not least, the government deserves thanks and appreciation for this important step that will, hopefully, ease the financial burden of the rural society as a whole.

Engr. S. A. Mansoor
Dhaka.
sam@dhakacom.com