The government has asked three state-owned banks to immediately submit time-bound action plans for spending Tk 7.50 billion which has been allocated by it as grant, officials said.

Non-scheduled Palli Sanchay Bank, Karmasangsthan Bank and specialised Probashi Kallyan Bank have received the government grant of Tk 2.5 billion each.

The grant has been provided with an aim to soften the impacts of the Covid-19 pandemic and expedite the country's economic activities including keeping employment, production and supply situation stable in the country, a source said.

The progress report on spending of the allocated grant will have to be submitted to Financial Institutions Division (FID) on a quarterly basis according to time-bound action and work plans.

Apart from a notification, Financial Institutions Division has also issued a government order (GO) in this regard.

The fund has been allocated from unexpected expenditure sector from the current fiscal budget.