Bangladesh Bank (BB) has issued a circular to the managing directors and chief executive officers of all scheduled banks to launch a special cell to get hold of the clients who have defaulted 100 crore taka or more.This circular was issued on Monday.
The country's banking sector is at present inflicted with defaulted loans of nearly 1 lakh 44 thousand crore taka including written off debts. Most of the banks have been unable to recover defaulted loans. Economists and financial experts have said that lack of good governance and accountability is responsible for this scenario.
Economists have called upon the regulatory authorities to expose the names and particulars of top loan borrowers. Influential loan defaulters often get stay order from courts and thus they escape through the loopholes of the banking regulations.
Prominent citizens have requested Bangladesh Bank and Finance Ministry to crack down hard on loan scammers without fears or favors. Finance Minister AHM Mustafa Kamal has meanwhile told the top officials of all banks to try hard to recover defaulted loans.Analysts have said that Bangladesh's economy may face insurmountable impediments if corruption and irregularities in the banking and financial sectors cannot be eradicated.
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