Govt wants involve board directors in disburse Tk 1.0 lakh crore stimulus package. Banking without human presence directed.

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Govt wants involve board directors in disburse Tk 1.0 lakh crore stimulus package. Banking without human presence directed.

The government wants involve board of directors of state owned banks in speedy disburse over Tk 1.0 lakh crore incentive package announced for businessmen.

It also like to see introduction of apps/digital-wallet based banking service by state owned banks to avoid banking service with physical presence.

“Issues like identifying really looser businessmen by Covid-19, interest calculation, source of financing, term of loan, relationship of bank and client should be discussed at the board meetings so that each board member get adequate knowledge and keep contribute in loan disbursement decision,” a letter signed by Abdul Awal, Deputy Secretary of Financial Institution Division wrote Tuesday.

The board of directors can consider introduction of One Stop Service from where banks can deliver loan amount to farmer and marginal entrepreneur directly through mobile financial service (MFS), the letter added.

It said “Banks can provide various digital banking services so that clients can make all sorts of payment by using bank account by staying at home,”

The ministry has also directed the commercial bank to focus on using local banking software instead of using foreign software.

The government has so far announced Tk 1,03,117  crore stimulus package for reconstructing business and commerce of the country hit hard by coronavirus pandemic. The Central bank so far issued 66 circulars to implement those packages through banks.

The ministry believe that the state owned banks has important role in implementing those stimulus packages accurately.

 

Among the packages, the letter said Tk 5,000 crore has been allocated for providing working capital facility to export oriented industries, followed by Tk 20,000 crore for the affected small (including cottage industries) and medium industrial enterprises, Tk 12,650 crore for expansion of Export Development Fund (EDF), Tk 5,000 crore under Pre-Shipment Credit Refinance Scheme, and Tk 30,000 crore for the affected industries and services sector organisations.

Besides, a refinancing scheme of Tk 9,500 crore has been announced for subsidy in the agricultural sector, while Tk 5,000 crore to pump running capital into the agricultural sector.

Other allocations that have been made under the refinancing scheme are: Tk2,000 crore for Palli Sanchay Bank, Probsahi Kalyan Bank and Palli Karma Sahayak Foundation; Tk 2,000 crore for deferred interest subsidy of commercial banks, and Tk 3,000 crore for low income professionals, farmers and small/marginal traders for a period of three years.

Bmirrorhttps://bmirror.net/
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