BRAC Bank completes disbursing the stimulus package to CMSMEs
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
SUNDAY, MAY 29, 2022
SUNDAY, MAY 29, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
BRAC Bank completes disbursing the stimulus package to CMSMEs

Banking

TBS Report
27 December, 2020, 05:45 pm
Last modified: 27 December, 2020, 05:45 pm

Related News

  • Bangladesh Bank, Brac Bank to work together on refinancing facilities for migrant workers, CMSEs
  • Green Delta Insurance joins hand with Brac Bank’s Women Banking Segment ‘Tara’
  • Brac Bank TARA, Green Delta Insurance to provide complimentary insurance benefits 
  • BB recognises Krishi Bank for target disbursement of agri-loans
  • Small firms get less from second round of stimulus

BRAC Bank completes disbursing the stimulus package to CMSMEs

The bank is one of the first three banks in the country to have completed the process

TBS Report
27 December, 2020, 05:45 pm
Last modified: 27 December, 2020, 05:45 pm
BRAC Bank completes disbursing the stimulus package to CMSMEs

BRAC Bank has completed its disbursement process of the Tk20,000-crore stimulus fund for the cottage, micro, small and medium enterprises (CMSMEs).

The bank is one of the first three banks in the country to have completed the process, said a press release.

Banks have disbursed about Tk8,600 crore among 52,000 CMSMEs as of December 3, according to the central bank's latest data, media reports said.

BRAC Bank has disbursed Tk1,185 crore to 12,669 CMSMEs across the country as of December 24, 2020. Starting from June 2020, the bank took six months to complete its disbursement target of Tk1,100 crore. 

Bangladesh Bank has recently allotted an additional Tk200 crore to BRAC Bank for disbursement considering the performance, the press release said.

BRAC Bank's Head of SME, Syed Abdul Momen said, "We are glad to have closed the disbursement before the deadline. Payment of small loans typically takes longer as it takes more time to scrutinize the documents of the CMSMEs."

"However, with the guidance of the Central Bank, slowly but steadily, we have completed the disbursement and kept our promise," he said.

 "Even during the outbreak of Covid-19 in Bangladesh, we continued our support to the CMSMEs. We have disbursed more than 61,000 loans to the CMSMEs that accounts for Tk10,181 crore as of November 30, 2020," Syed Abdul Momen added.

BRAC Bank's Managing Director and CEO Selim RF Hussain said, "I thank our government for coming up with the much-needed stimulus packages for the CMSMEs and proactively demonstrating ways to damage-control of the economic losses."

The government announced loans at 4 per cent for the CMSMEs to avert effects on the CMSMEs and encourage the banks to disburse stimulus packages.

As banks charge the CMSMEs 9 per cent interest, the government announced that it would bear 5 per cent of the interest, the press release added.

"Our central bank deserves a big thanks for their continuous support and encouragement to look for the CMSMEs and also for sustaining us with policy relaxation and deadline extensions," he added.

The deadline for disbursing the CMSMEs' bailout funds is December 31, 2020, the press release further said.

BRAC Bank / stimulus package / CMSMEs

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Finance projects export fall, remittance rise
    Finance projects export fall, remittance rise
  • Photo: TBS
    After 72-hour ultimatum, health directorate goes after illegal medical facilities 
  • Photo: Bloomberg
    Direct shipping now to Netherlands 

MOST VIEWED

  • HSBC and IBA award Young talents of Bangladesh with future skills 
    HSBC and IBA award Young talents of Bangladesh with future skills 
  • Photo: Courtesy
    Anwarul elected Mercantile Bank EC chair
  • Govt borrows 51% of target thru’ savings certificate sales in 9 months
    Govt borrows 51% of target thru’ savings certificate sales in 9 months
  • Banks engaged in Hajj related transactions to remain open Saturday 
    Banks engaged in Hajj related transactions to remain open Saturday 
  • Janata Bank Ltd Holds ALCO Meeting
    Janata Bank Ltd Holds ALCO Meeting
  • Bangladesh Bank GM, DGM’s designation changed
    Bangladesh Bank GM, DGM’s designation changed

Related News

  • Bangladesh Bank, Brac Bank to work together on refinancing facilities for migrant workers, CMSEs
  • Green Delta Insurance joins hand with Brac Bank’s Women Banking Segment ‘Tara’
  • Brac Bank TARA, Green Delta Insurance to provide complimentary insurance benefits 
  • BB recognises Krishi Bank for target disbursement of agri-loans
  • Small firms get less from second round of stimulus

Features

Women voluntarily joined the peaceful procession and protested by wearing clothing of their own choice. Photo: Trishia Nashtaran

The unhealthy obsession with what women wear

5h | Panorama
Illustration: Freepik

Bangladesh is on the verge of destigmatising menstruation

9h | Features
Photo: Collected

The death of Davos?

15h | Panorama
A male Baya Weaver beating wings. Photo: Enam Ul Haque

Baya Weavers weave: ‘Must be witnessed to be fully credited’

19h | Panorama

More Videos from TBS

Attorney General's suggestion to reduce case clutter

Attorney General's suggestion to reduce case clutter

9h | Videos
Russian forces take Liman city of Ukraine

Russian forces take Liman city of Ukraine

9h | Videos
JU food prices spike, students suffer

JU food prices spike, students suffer

9h | Videos
5% tax on poultry farmers earning above Tk10 lakh

5% tax on poultry farmers earning above Tk10 lakh

9h | Videos

Most Read

1
Bangladesh Bank GM, DGM’s designation changed
Banking

Bangladesh Bank GM, DGM’s designation changed

2
Corporates go cashless…tax cut on cards
NBR

Corporates go cashless…tax cut on cards

3
Photo: Courtesy
Panorama

Misfit Technologies: A Singaporean startup rooted firmly in Bangladesh

4
British International Investment (BII) CEO Nick O’Donohoe. Illustration: TBS
Economy

BII to invest $450m in Bangladesh in 5 years

5
Representational image. Picture: Pixabay
Economy

Govt raises regulatory duty to discourage imports of 130 products

6
Photo: Collected
Industry

Spanish recycled cotton producer opens new facility in Bangladesh

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab