Mobile customers will get a loan of Tk 50,000 without collateral

From now on, mobile banking customers will get loans under Bangladesh Bank’s ‘Digital Micro Loan’. It is learned that the loan will be given from a minimum of Tk 500 to a maximum of Tk 50,000.

The Central Bank’s Banking Regulation and Policy Division issued a directive in this regard on Thursday. It is learned that it will be financed from Bangladesh Bank’s own funds.

For this a refinancing scheme of 100 crore taka has been formed. As a result, customers of 13 mobile banking institutions in the country including bKash, Rocket, MCash and Upaya will get this loan.

However, it has been reported that the customers of Mobile Financial Services ‘Cash’ of the Postal Department will not get this service.

According to the central bank’s guidelines, the interest rate at the consumer level will be a maximum of 9 percent. Interest rate at the rate of 1% will be levied on refinancing facility adopted by Bangladesh Bank for all scheduled banks.

The term of the loan will be a maximum of six months at both the bank and customer level. Everything from debt processing to debt collection will be digital. Bangladesh Bank will be able to reduce or increase the loan amount at the customer level from time to time.

According to the instructions of Bangladesh Bank regarding loans, this scheme has been formulated to provide ‘Digital Micro Loan’ by reducing the availability of micro loans and the cost of funds of the bank for the purpose of building Digital Bangladesh.

The directive was issued under Section 45 of the Banking Companies Act, 1991. Which will be effective immediately.

All Scheduled Banks disbursing ‘Digital Micro Loan’ will be considered eligible for this facility. Banks interested in refinancing will have to enter into an agreement with the Financial Inclusion Department (FID) of Bangladesh Bank.

It may be mentioned that till March this year, the number of registered customers in mobile banking stood at 10 crore 91 lakh 30 thousand 405. And there are 11 lakh 51 thousand 213 agents for providing mobile banking services

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