Bangladesh Bank has launched new digital microfinance system. Under this, loans will be given from a minimum of BDT 500 to a maximum of BDT 50,000. The name of this loan system is digital micro loan. The source of this is Bangladesh Bank’s own fund of 100 crore rupees. The term of this loan will be maximum 6 months.
Digital micro loans will be provided digitally through internet banking, mobile banking or mobile financial services. That is, the loan will be disbursed through services like bKash, cash etc. This loan will also be given through internet banking service mobile app and e-wallet. The scheduled banks of the country will disburse these loans.
Bangladesh Bank Digital Micro Loan
In the first phase, Tk 50 crore will be provided from the fund of Tk 100 crore of Bangladesh Bank. Various scheduled banks will digitally disburse this money in the form of loans. The risks related to the loan will be borne by the respective distributor bank. The financing bank will ensure utilization of loans disbursed under this scheme.
If the loan of Tk 50 crore disbursed in the first phase is properly utilized, Bangladesh Bank will provide refinancing facility of Tk 50 crore in the second phase. The term of this fund is 3 years, which is revolving. This amount may increase in the future considering the demand.
How to apply Bangladesh Bank Digital Micro Loan
বাংলাদেশ ব্যাংক চালু করেছে নতুন ডিজিটাল ক্ষুদ্রঋণ ব্যবস্থা। এর আওতায় সর্বনিম্ন ৫০০ টাকা থেকে সর্বোচ্চ ৫০,০০০ টাকা পর্যন্ত ঋণ দেওয়া হবে। এই লোন ব্যবস্থার নাম হচ্ছে ডিজিটাল ক্ষুদ্র ঋণ। এর উৎস বাংলাদেশ ব্যাংকের নিজস্ব ১০০ কোটি টাকার তহবিল। এই ঋণের মেয়াদ হবে সর্বোচ্চ ৬ মাস।
Customers who take this digital micro loan will open an account with the distributor bank and/or the corresponding e-wallet. Distributing banks will be able to take funds from Bangladesh Bank at 1% interest. The funds will be disbursed in the form of digital loans at the customer level at a maximum interest rate of 9%. The scheduled bank itself will repay the loan again.
These loans can also be provided through banks through mobile financial services. For example, if a bank wants, it can disburse this loan through bKash. This loan can also be disbursed through an e-wallet or mobile banking app through internet banking services.
According to the notification of Bangladesh Bank, all the work from the processing of this loan to the recovery of the loan will be done digitally. The definition of “Digital Micro Loan” in the circular states, “Providing micro-loans from Scheduled Banks using digital medium (Internet Banking, Mobile App, Mobile Financial Services, E-Wallet, etc.).” Islamic banks will also be able to provide financing benefits from this system in accordance with Shariah principles.
At present, Citibank is giving a maximum loan of Tk 20,000 at the customer level through bKash. The term of the development loan is 3 months. Besides, the postal department is interested in launching mobile-based financial services and cash digital loan services.
What is your opinion about this new digital micro loan? Are you interested in taking it? Let me know in the comments!