Dhaka, May 18 (V7N) — The High Court has issued a rule asking why the interest rate on microloans provided by Grameen Bank should not be aligned with commercial bank lending rates.
On Monday (May 18), a High Court bench comprising Justice Khizir Ahmed Chowdhury and Justice Md. Ziaul Haque issued the order following a writ petition filed by lawyer Masud R. Sobhan.
The court directed the relevant authorities—including Bangladesh Bank, the Finance Division Secretary, Grameen Bank, and Nobel laureate Muhammad Yunus—to respond within four weeks.
According to the petitioner, Grameen Bank reportedly charges an interest rate of around 20 percent on microloans, which they argue places a long-term financial burden on borrowers. The petition further stated that borrowers have the right to clear and transparent information regarding the interest rates they are paying, especially in cases where loans are carried for extended periods.
The writ also raises concerns over whether the existing microcredit structure ensures fairness and transparency for borrowers who have been repaying loans over many years under similar interest conditions.
The court’s rule will require responses from the concerned institutions before further proceedings are taken.
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