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BB seeks information on loan defaulters

  • Published at 09:40 pm December 1st, 2013

Bangladesh Bank sent letters Sunday to scheduled banks asking them to provide information on loan defaulters by the end of the day.

The letter also instructed those banks to stay prepared to give information to presiding officers, if asked. Earlier, on Thursday the central bank also sent the same letter to those banks asking them to provide the information by Sunday.

“Following an instruction from the Finance Ministry on November 28 the central bank sent the letter Sunday to remind the banks to prepare the list of loan defaulters,” said Bangladesh Bank Executive Director Mahfuzur Rahman.

According to the letter, central bank asked the banks to provide information about those who are in default on loans above Tk 50,000 up to the month of October. The banks will be fined if they fail to submit the information before the deadline. The letter said a person shall be disqualified for election if he being a loan recipient, other than a loan recipient who has taken a small loan for agricultural purposes, has defaulted in repaying within seven days from the day of submission of nomination paper any loan or an installment he took from a bank or financial institution.

If he is a director of a company or a partner of a firm and has defaulted on the repayment after seven days of the nomination paper’s submission, he shall be disqualified from taking part in the election. Punitive action will be taken against the respective officer for his failure to provide the right information, said the letter.