BB asks banks to lend for cow raising

Bangladesh Bank (BB) yesterday asked some selective banks to provide loans from its refinancing scheme to dairy farmers for buying and raising calves, reports BSS.
The central bank in a circular asked the banks to give up to Tk 200,000 to a dairy farmer for buying and raising cows.
The directive was given to all state-owned commercial and specialised banks, IFIC Bank, BRAC Bank, Midland Bank, IDLC Finance Limited, Ansar-VDP Development Bank and Karmasangsthan Bank.
BB said the loan amount will be Tk 40,000 for buying a calf and another Tk 10,000 for raising it while a farmer would be allowed to get loan for raising four calves.
The rate of interest on the loan will be 5 per cent and should be paid in 54 months with a grace period of 14 months.
BB also advised the banks that women entrepreneurs and marginal farmers should be given priority in sanctioning and disbursing loans while buying and raising indigenous calves would be encouraged.
The central bank said the field staff of the livestock department would monitor the use of the loan and would report directly to the respective banks for taking necessary measures in case of irregularities.

BB asks banks to lend for cow raising

Bangladesh Bank (BB) yesterday asked some selective banks to provide loans from its refinancing scheme to dairy farmers for buying and raising calves, reports BSS. The central bank in a circular asked the banks to give up to Tk 200,000 to a dairy farmer for buying and raising cows. The directive was given to all state-owned commercial and specialised banks, IFIC Bank, BRAC Bank, Midland Bank, IDLC Finance Limited, Ansar-VDP Development Bank and Karmasangsthan Bank. BB said the loan amount will be Tk 40,000 for buying a calf and another Tk 10,000 for raising it while a farmer would be allowed to get loan for raising four calves. The rate of interest on the loan will be 5 per cent and should be paid in 54 months with a grace period of 14 months. BB also advised the banks that women entrepreneurs and marginal farmers should be given priority in sanctioning and disbursing loans while buying and raising indigenous calves would be encouraged. The central bank said the field staff of the livestock department would monitor the use of the loan and would report directly to the respective banks for taking necessary measures in case of irregularities.