Grameen Bank refutes PM’s interest rate remarks

Grameen Bank, the country’s leading cellphone operator, on Tuesday contradicted Prime Minister’s remarks on its interest rate.

A letter issued by Grameen Bank general manager (Information and Media Co-ordination) Jannat- E- Quannine said the Prime Minister in an interview with BBC Hard Talk said the interest rate of Grameen is 30, 40 or 45 percent. “The Prime Minister’s statement is inconsistent with the fact.”

Grameen Bank said it operates five types of lending activities and the highest interest rate is 20 percent. “And the loan for beggars and its members (to build their houses) is interest free,” the letter said.

It also mentioned that the interest rate is lower than the government fixed one. The government (Microcredit Regulatory Authority) fixed the highest interest rate at 27 percent while Grameen Bank charges highest 20 percent.