Waive interest on loans taken by Bangabazar fire victims: DCCI urges BB
Dhaka Chamber of Commerce and Industry (DCCI) has requested the Bangladesh Bank to waive interest on loans taken by the Bangabazar traders who incurred massive losses due to a devastating fire at the market last week.
DCCI President Barrister Md Sameer Sattar put forward a set of recommendations to the central bank in a statement issued Sunday (9 April).
The DCCI president called for the central bank's intervention by issuing relevant directives and guidelines to both commercial banks and non-banking financial institutions (NBFIs) so that they can come forward to support the fire victims.
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The recommendations include a waiver or reduction of interest on loans taken by these traders; providing interest free special term-loan or credit to the fire victims with low interest rate; deferring payment of loan installments; not classifying any such fire victims as loan defaulters during this time and bringing the fire victim traders under any relevant and existing refinancing schemes of the government with easy terms and conditions.
These fiscal benefits may be allowed subject to creating a database of the fire victims and actual need assessment of these victims, added the media release.
DCCI president believes that if Bangladesh Bank judiciously considers these proposals or recommendations for the victims, this will assist with the rapid rehabilitation of the affected businesses, also facilitating the livelihood of their employees.
A massive fire on Tuesday (4 April) wreaked havoc at the Bangabazar market gutting at least 3,500 shops.
It took six hours for a total of 48 fire service units to bring the fire under control and around 75 hours to douse the fire.
