BB allows banks to form startup fund

_A Monitor Report  Date: 01 May, 2021 | 60 Views

Dhaka : Bangladesh Bank has amended its policy allowing all banks to form their own startup fund with 1 per cent of net profits instead of operating its earlier provision.
All the scheduled banks have been asked to keep 1 per cent of their net profits for the next five years from current year for providing startup entrepreneurs with loans, said a BB circular issued on April 26.
Formation of the start-up fund will start with 1 per cent 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 BDT 5 billion aiming to help startups expand and flourish in Bangladesh.

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