Tuesday, April 27th, 2021

BB allows banks to form start-up fund

Tuesday, 27 April 2021 | 9:53 am | 60 times

BB allows banks to form start-up fund

Bangladesh Bank (BB) has amended its policy allowing all banks to form their own start-up fund with 1 percent of net profits instead of operating its earlier provision.

All the scheduled banks have been asked to keep 1 percent of their net profits for the next five years from current year for providing start-up entrepreneurs with loans, said a BB circular issued on Monday, reports BSS.

Formation of the start-up fund will start with 1 percent of net profits on the basis of the December’s financial statement for 2020, it added.

Earlier on March 29, the central bank formed a refinancing fund amounting to Taka 5 billion aiming to help startups expand and flourish in Bangladesh.


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