Padma Bank PLC and Bangladesh Bank have signed an agreement to provide loans to small and marginal entrepreneurs and communities.
The agreement was signed at the Bangladesh Bank headquarters in Motijheel recently.
Under the agreement, Padma Bank will provide collateral-free loans at a maximum interest rate of 7 percent and up to taka 5 lakh to marginal/landless farmers, low-income professionals, and small businesses with accounts of Tk 10, Tk 5 and Tk 100.
Trade between Bangladesh-India through Hili land port suspended
The loans will be provided through all branches and sub-branches of Padma Bank across the country.
The agreement is expected to increase access to finance for small and marginal entrepreneurs and communities, thereby stimulating economic activities and promoting overall economic growth in Bangladesh.
Dr. Mohammed Emtiaz Uddin, Deputy Managing Director and Chief Business Officer of Padma Bank PLC, and Mr. Md. Amir Uddin, Executive Director (Director, F.I.D) of Bangladesh Bank, signed the agreement on behalf of their respective organisations.
Abeda Rahim, Additional Director of Bangladesh Bank, and Md. Riazul Islam, EVP and Head of SME and Agriculture Banking Division of Padma Bank, were also present at the signing ceremony.