The banks will need to refund or adjust the interest they have already charged in this period, the central bank said in a circular on Wednesday. The banks had earlier been asked to waive late fees and not to charge extra fees, but they were still charging compounding interest on dues, which is “unacceptable during such a crisis”, the central bank said. Bangladesh Bank, on Apr 4, waived fines for falling behind on credit card payment until June due to the coronavirus outbreak, but after a few days the banks said customers would still need to pay interest. The customers said the central bank waiver of late fees will not have the intended impact if they needed to pay in time to avoid being charged for interest. Bangladesh Bank considered the overall situation to make the decision,” its Executive Director Abu Farah Md Naser told bdnews24.com.

Source: bd News24 April 15, 2020 15:26 UTC