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Download PDF The volume of classified loans of different commercial banks with their top 20 defaulters rose by 23 per cent to stand at Tk 10,129 crore in June this year, which is 43.17 per cent of the total defaulted loans.
Under the circumstances, the Bangladesh Bank (BB) governor yesterday asked the commercial banks to initiate exemplary measures to bring the loan defaulters to book.
“We have directed the commercial banks to take exemplary steps against at least one top defaulter in their respective banks so that others are forced to repay the money,” BB Governor Salehuddin Ahmed told newsmen after a meeting with the top officials of different commercial banks at his office.
A latest picture of defaulted loans of different banks placed at the meeting showed that the total defaulted loans of the banks was Tk 23,465 crore as of June 30 this year.
“The top loan defaulters include Bangladesh Petroleum Corporation [BPC], Bangladesh Jute Mills Corporation, Bangladesh Textile Mills Corporation and Shinepukur Holdings of the Beximco group. These organisations owe Tk 4,662 crore to the banks, which is 81 per cent of the total defaulted loans by 20 clients,” said a meeting source.
Sources said the top 20 defaulters share Tk 5,697 crore or 56 per cent of the overall defaulted loans in the banking sector.
Officials of Sonali Bank attributed the rise of the bank’s defaulted loans to BPC’s failure to pay back its huge amount of loans. They, however, said a negotiation is now underway with BPC officials for rescheduling the loans and hoped that the bank’s defaulted loans will reduce by the end of this year after this rescheduling.
Sources said banks have filed cases against defaulted loans of Tk 2,554 crore while Tk 7,591 crore defaulted loans are still out of any legal action. The BB governor asked the managing directors of different banks to take legal action against these defaulted loans soon.
He said he will discuss with the government forming of another bench in the High Court to dispose of the cases related to defaulted loans quickly. He also directed the banks concerned to speed up the lawsuits.
The meeting also discussed financing in the small and medium enterprises (SME) and BB officials informed the commercial banks that the existing Tk 100 crore fund for the SME has been doubled.
Asked about customers’ hassle in opening accounts in the banks, the BB governor said, “We have introduced a number of systems including a client’s personal information for stopping money laundering. We will continue the system ‘Know Your Customer’ in the greater interest of the clients as well as the banking sector.”
In reply to another question, he said a process is underway to set up the Financial Intelligence Unit to check financial forgeries.
January 11th, 2008 at 1:40 pm
Great post. I remember when I was deep in debt, a secured loan really helped me but I think you have to be really strict with yourself as once those credit cards are paid off you want to go back out and spend on them. Cut them up!