The central bank yesterday extended the deadline for defaulters for sending in rescheduling proposals under its relaxed policy to October 20.
Earlier in August, Bangladesh Bank said defaulters would get the scope to apply until September 7 in line with the High Court order. But it extended the deadline again as per another court order on August 29.
Under the policy, defaulters can make a 2 percent down payment to reschedule their loans for 10 years, including one year’s grace period, at 9 percent interest rate.
The borrowers, who will get the rescheduling facility under the policy, will not be allowed to get fresh loans from banks, according to a central bank notice sent out to all lenders yesterday.
The relaxed policy was made available in May to allow defaulters to clear their loans. The High Court issued a status quo, putting the effectiveness of the notice on hold until June 23, barring rescheduling of default loans under the policy.
However, the Supreme Court on July 8 issued a stay on the High Court order for two months. The BB will allow defaulters to reschedule their classified loans until the fresh date, a central bank official said.