No Late Fees For Credit Cards Till May 31 | Bangladesh Bank

The Central Bank of Bangladesh aka Bangladesh Bank has ordered all the banks not to charge any late fees, interests, and penalties for the delay of paying credit card bills till May 31.  The decision took place due to the ongoing national crisis of the Pandemic COVID-19.

In a statement, Bangladesh Bank has reportedly said that due to this massive worldwide outbreak of COVID-19, many clients were unable to pay their credit card dues as the economy has faced a sudden halt.  The halt also had a massive impact on the livelihood of people in the country.

After the discovery of the first COVID-19 infected patient in the first week of March 2020, the government declared a general holiday for both the public and private sectors except for the front-line emergency services. Banking facilities are also being currently provided on a limited time-frame.

Like all the other Banks, a major player in the market- The City Bank which owns more than 30% of credit card users in Bangladesh has welcomed the decision.

“As a responsible brand, the safety of our customers is our top priority. Hence, during this unprecedented crisis moment, we welcome the decision of our central bank with open arms,” said Shahriar Jamil Khan, Head of Brand & Communications and Corporate Affairs, The City Bank.

“To make the lives of our customers a bit easier, for our Debit Card users, we have also given a waiver on ATM withdrawal from other bank ATMs. Hopefully, with all these small steps, we can help our clients to remain safe to fight this global pandemic,”
added Mr. Khan.

Earlier, the central bank has asked the banks not to downgrade any loan to a defaulted one until June 30 if any borrower failed to pay the installments. Hence, the failure of paying any loan installments in the January-June timeframe would not be considered as the default of the borrower.

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However, the banks can upgrade the classification of any loan in the period depending on any loan repayment.