The Bangladesh Bank has extended the deadline for troubled non-textile industries to apply for an exit facility to settle their default loans of more than Tk50 lakh.
The Bangladesh Bank in a circular on Monday announced that banks will be allowed to offer the facility until 30 June, upon receipt of a minimum down payment of 2.5% of the current outstanding loan amount.
As per last October’s instructions, the loan amount will be consolidated on an installment basis within a maximum period of three years from the date of the exit facility.
However, if there is a need for debt consolidation by selling immovable properties, banks can provide a one-time loan repayment opportunity to the customers concerned within the said three years.
In both cases, if the loan is not settled within the time specified by the bank, this facility will be considered cancelled.
It is further stated that, irrespective of an installment-based or one-time repayment schedule under the exit facility, the respective loan account shall be shown as classified till full settlement of the loan.
The bank shall settle the matter requested in the application of the customer within 45 days from the date of receipt of the application of the borrower.
It was also mentioned in the circular that the board of directors of the financing bank can decide to grant an interest waiver facility in favour of these sick industries.
