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BB allows Rupali Bank to settle $3.20m loan for SS Power
Bangladesh Bank (BB) has allowed Rupali Bank PLC to release the remaining US$3,197,651.28 of an approved foreign-currency syndicated loan in favour of SS Power 1 Limited.
The Banking Regulation and Policy Department-2 (BRPD-2) of the central bank issued a notification in this regard today, directing all scheduled banks to
take necessary measures.
According to the notification, the permission covers the release of the remaining US$3,197,651.28, representing Rupali Bank's share of a previously approved foreign-currency syndicated loan in favour of SS Power-1 Limited.
The central bank also granted permission to open a Letter of Credit (LC) in favour of SS Power 1 Limited, the circular continued.
The central bank said that the relevant provision under Section 27AA(3) of the Bank Company Act, 1991, as amended up to 2023, would not be applicable to the release of the loan and opening of the LC.
However, Bangladesh Bank made it clear that no financial liability will be created for the central bank against the loan facility.
Rupali Bank will also not be entitled to seek any financial assistance from Bangladesh Bank in this regard in the future, reports BSS.