MRA relaxes loan classification till Sept 30
Banking
23 June, 2020, 10:45 pm
Last modified: 23 June, 2020, 10:47 pm
During the time, the micro lenders cannot force the borrowers to pay instalments, according to a circular issued on Tuesday
The Microcredit Regulatory Authority (MRA) has asked microcredit institutions not to classify loans until September 30 even if borrowers fail to pay back those as per the schedule.
During the time, the micro lenders cannot force the borrowers to pay instalments, according to a circular issued on Tuesday.
The regulatory body came up with the decision as the coronavirus pandemic continues it onslaught on the economy with no sign of stopping.
On June 15, the Bangladesh Bank gave the same instruction to all banks.
Earlier, the central bank and the Microcredit Regulatory Authority had relaxed the loan classification policy till June 30.
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