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Weak RMG units to get helping hands from banks
19
Aug '10
The Bangladeshi government has recently announced a policy to help several economically weak garment factories to shield them from turning sick.

Shafiqul Islam Patwary, Secretary of Banking Division here divulged that, they have sanctioned the exit policy and have also agreed to write off outstanding loans of 270 units in the near future.

Concerned borrowers, for the purpose will have to make an application to the banks within two months from the date of issuance of the order, he said. Also that, units with outstanding loans of less than Tk 50 million will have to pay back the same over a period of five years, while those with unpaid loans beyond Tk 50 million will be required to repay the same over a period of 10 years.

In accordance with a recently issued circular, the officials cited that a one year moratorium period will be provided to the borrowers and banks will calculate the liabilities of the borrowers after clubbing the interest with principal amount.

Interest, which is not considered as a part of bank's earnings will be relinquished, but the principal sum and legal expenses will not be waived. Also, the banks have been given an option to determine the costs of the fund.

Besides, the officials also noted that the borrowers need to pay their instalment dues, each quarter and if they fail to do so consecutively for four times, then the facilities afforded to them will be withdrawn.

Fibre2fashion News Desk - India

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