Credit card holders have to apply for renewal three months before to the expiry of the term of foreign loan availability in private sectors. The sanctioned loan will be cancelled unless the card holders apply for renewal within this period. This decision has been taken in the 116th meeting of Foreign Loan Approval Committee held recently. The Foreign Exchange Investment Department of Bangladesh Bank informed all the banks this information through an official communiqué circulated recently.
As per Bangladesh Bank source, the entrepreneurs from the private sectors have to get the approval from the concerned committee to get loans from abroad. Bangladesh Investment Development Authority (BIDA) usually supervises these loans. During sanctioning loans, clients usually get 18 months as the term of loan availability. If the clients don’t apply for loans within this period, they, henceforth, apply for renewal and later, the concerned committee sanctions the loan. Source-Prothom Alo