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Recovering Default Loans

State-owned banks to award successful collectors

Published : Sunday, 16 September, 2018 at 12:00 AM  Count : 101

Chief Executive Officers (CEOs) of six state-owned banks have taken an initiative to award the officers who will be successful in recovering default loans.
According to banking sources, the move has been taken in order to reduce the huge amount of default loans of the banks. The banks are Sonali, Janata, Agrani, Rupali, Bangladesh Krishi Bank and Rajshahi Krishi Unnayan Bank.
"As the default loan has been established a culture and it is increasing day by day, we think such initiative will speed up default loan recovery," said Mohammad Shams-ul Islam, Managing Director (MD) of Agrani Bank on Saturday.
Dr AB Mirza Azizul Islam, former finance adviser to a Caretaker Government, told the Daily Observer "politically" induced loans are proved hard to recover and left a negative impact on the banking sector.
He also said Finance and law Ministries together should take initiative to recover the defaulted money to ease the burden on the banks. Otherwise, huge chunks of defaulter loan shall remain non retrieved, Mirza Azizul said.
Khondoker Ibrahim Khaled, former Deputy Governor of Bangladesh Bank, told this correspondent the proper action of the government could recover the default loans, otherwise, the default loans could not be recovered as the defaulters are more powerful in the society.

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