Digital refinance scheme’s fund raised to Tk 500cr

Bangladesh Bank has raised the fund for the digital refinance scheme to Tk 500 crore from Tk 100 crore, dedicated for disbursement of "digital nano loan" among marginalised people.

The decision was taken to increase financial inclusion of marginalised people amid the growing demand for digital nano loans in the country, the central bank said in a circular yesterday.

The other purposes of the fund are to encourage and habituate marginalised people to do digital transaction, and enhance the progress of building "Smart Bangladesh", it added.

The Tk 100 crore refinance scheme was introduced on July 2 last year.

Participating banks of the refinance scheme will be able to disburse loans amounting to Tk 50,000 to individual customers with up to 9 per cent interest under the scheme.

The loans have to be disbursed entirely digitally by using internet banking, mobile apps, mobile financial services, or e-wallet services, according to the central bank.