ZCZC
BSS-32
RUPALI BANK-AGRI CREDIT
Rupali Bank disburses interest-free agri credit
DHAKA, Feb 5, 2020 (BSS) – Rupali Bank Limited has been disbursing
interest-free credit among the poor farmers marking the birth centenary of
Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
The state-owned commercial bank has started disbursing agricultural credit
among the marginal tomato farmers from January 1 this year under the ‘Zero
Coupon Lending Programme’.
The Bank has already disbursed Taka 50,000 as credit to each of some 500
tomato farmers of Natore as part of a pilot project while such credit will be
extended among the turmeric farmers in Khagrachhari, pineapple farmers in
Bandarban and among onion farmers in Rajshahi.
Talking to BSS, Rupali Bank Ltd. managing director and CEO Md Obayed Ullah
Al Masud said, “We’re disbursing interest-free agricultural credit in the
‘Mujib Year’ with the expectation of making a positive role in the agri-
economy. Credit is being disbursed among the tomato farmers as an initial
project while such credit will be gradually extended among the farmers of
various agricultural produces’ through its countrywide branches.”
He informed that the Rupali Bank has a plan to disburse some Taka 50 crore
among the farmers without any interest.
The Rupali Bank managing director said such special initiative of
disbursing interest-free credit has been undertaken to motivate the deprived
farmers.
“Interest plays a role on the price of produces starting from the marginal
farmers to the consumers. So, we think if the farmers get interest-free
credit side-by-side just price of their produces, then they would get extra
profit and thus would be self-reliant,” he added.
Masud said a team comprising officials from the credit disbursing branches,
representatives from the regional offices and concerned upazila agricultural
officers would monitor the entire process from loan disbursing to credit
realization.
Rupali Bank officials said under the ‘Zero Coupon lending’ programme, the
period of each loan will be six months while the bank would extend such
credit twice a year for the summer tomato (February 1 to March 31) and winter
tomato cultivation (August 15 to December 31).
As per the guidelines of the Bangladesh Bank for the 2019-20 fiscal year,
any farmer can avail this maximum Taka 50,000 interest-free credit for
cultivating tomatoes on some 1.29 acres of land.
This credit is collateral-free but, the husband or wife of the loan
recipient or any other acceptable person would have to be a guarantor.
The farmers can take and thus repay this loan amount through their existing
Taka 10 bank account. The loan recipient farmers can be able to repay their
amount through selling their produces on daily or weekly basis.
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