Bangladesh Bank warns of fraud in the name of ‘Udyog’ loans
Bangladesh Bank has urged people not to pay anyone who promises a loan under its 'Udyog' programme, and says it has no separate 'Udyog' Facebook page.
Staff Correspondent
Bangladesh Bank has warned the public about people trying to collect money by promising loans under ‘Udyog’, its financing programme for young entrepreneurs. The central bank issued the warning on its official Facebook page.
What the warning says
According to Bangladesh Bank, some people have recently been luring others with promises of loans under the programme and trying to collect money through mobile financial services (MFS) and other channels. The programme’s full name is the Upazila-based Youth Entrepreneur Search, Identification and Financing Programme (Udyog: Upazila-Driven Youth Opportunity for Growth).
The central bank said all activities under the programme are run transparently, impartially and through proper procedures. It urged everyone not to pay any person or group who guarantees a loan or offers to secure one for them.
The notice adds that Bangladesh Bank has no Facebook page or other official page or channel named ‘Udyog’. Legal action will be taken against anyone who opens fake pages or accounts in that name to spread misleading information or commit fraud.
About the programme
According to media reports, young entrepreneurs aged up to 28 at upazila level can receive up to Tk20 lakh in collateral-free financing under the programme: half as a bank loan and half as a grant. Applications are free and submitted on a set form at a scheduled bank branch in the applicant’s upazila. Applications for the remaining 56 districts opened on 1 November and run until 30 November.
In other words, there is no need to pay any intermediary to apply or to get a loan. Bangladesh Bank has urged people not to be misled by such offers.
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