Home / Knowledge / News / Apparel/Garments / Weak RMG units to get helping hands from banks
Weak RMG units to get helping hands from banks
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dues, each quarter and if they fail to do so consecutively for four times, then the facilities afforded to them will be withdrawn.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

Must ReadView All

Courtesy: Ikea

Textiles | On 26th Apr 2017

Ikea’s product sourcing from India to double by 2020

Ikea, the global home furnishing giant from Sweden, plans to double...

Textiles | On 26th Apr 2017

CITA to add insufficiently available fabric in CAFTA-DR

The Committee for the Implementation of Textile Agreements (CITA) has ...

Courtesy: SKF

Textiles | On 26th Apr 2017

SKF brings predictive maintenance for machinery to India

SKF India, a global supplier of bearings, seals, mechatronics,...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Sonia Agarwal

‘The terms eco-friendly and organic are common but everyone perceives them ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search