The High Court has directed the authorities to publish names of the person or institution taking a loan from a bank or financial institution and the loan sanction letter on the website of the concerned bank or financial institution.
Bangladesh Bank has been asked to implement the directive.
The information came to light on Thursday from the judgment published in the case related to cheque dishonour.
The full verdict of 13 pages was published after the signature of the High Court bench headed by Justice Md Ashraful Kamal who gave the verdict earlier on November 23.
In the judgment, the HC said the name of the person or institution and the loan approval letter should be published on the website of the bank or financial institution to which a bank or financial institution will grant a loan.
As bank money is essentially public money, they have the right to know which institution or who is borrowing their money from the bank, said the court in its verdict.
The verdict also mentioned that Bangladesh Bank will immediately issue instructions to the financial institutions by making insurance mandatory against every loan by the financial institutions.
The sanction letter should describe in detail the manner in which financial institutions will collect defaulted loans.
On November 23, the High Court came up with an order, saying no bank or financial institute will be allowed to file cheque dishonour case while recovering loan.
A single judge bench of Justice Md Ashraful Kamal passed the order, allowing an appeal of a customer, who has been convicted and sentenced to six-month imprisonment in a cheque dishonour case of Brac bank.
The High Court in its order further said insurance coverage is needed against all kinds of loans.
The court asked Bangladesh Bank authorities to issue directions and requested the National Parliament to amend concerned law in this regard.
The court asked lower courts not to accept any cheque dishonour case filed by any bank or financial institute from now on.
Brac Bank lawyer Saifuzzaman Tuhin said a bank or financial institute will only be allowed to file a case with Artha Rin Adalat in line with measures narrated in the Money Loan Court Act, 2003, while recovering the loan.
The court came up with its judgment while holding a hearing on an appeal filed by one Md Ali, who has been sentenced to six-month imprisonment and fined Tk2.95 lakh.
Allowing the appeal of the convict, the court ordered him to pay back 50% of the deposit within the next 10 days.
Advocate Abdullah Al Baki moved the case for the appellant, while Saifuzzaman Tuhin stood for Brac Bank. Deputy Attorney General Ashek Momin appeared for the state.
After the verdict, the Brac bank authorities filed a petition to the Chamber Judge's Court to stay the verdict.
However, on November 28, the High Court's judgment was upheld by the Chamber Judge Court after hearing the appeal.
At the same time, the full bench of the Appellate Division fixed Thursday (December 1) for a hearing on the appeal made in this regard.