Banks asked not to charge late fees for credit cards | The Daily Star
12:00 AM, April 05, 2020 / LAST MODIFIED: 12:00 AM, April 05, 2020

Banks asked not to charge late fees for credit cards

Bangladesh Bank yesterday asked lenders not to impose any late payment fees on credit cardholders, who are finding it difficult to clear the bills due to the ongoing movement restriction and short banking hours.

Lenders have also been asked to refund clients who paid late payment fees on credit card bills from March 15 onwards, according to a notice from the central bank.

Besides, no form of penal interest will be imposed on credit cardholders in case of failure to pay an instalment on time.

These instructions will remain in place until May 31.

In a separate move, the Bangladesh Bank instructed lenders to set a 5 per cent maximum margin when opening letters of credit for the import of baby food.

BB took this step in fears that there may be a shortage for the product both at locally and globally due to the ongoing coronavirus pandemic.

Therefore, banks were told to take adequate measures to ensure the availability of baby food at local markets.

Lenders have been asked to abide by these instructions until June 30. 

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