Though the Bangladesh Bank (BB) wants to pressurize by publishing the lists of the wilful defaulters, most banks do not show much interest to provide information of the wilful defaulters.
Even after issuing specific policies in this regard, most banks do not comply with it except for a few steps.
According to the policy, the wilful defaulters will not be eligible for any state awards or honours, their list will be published by Bangladesh Bank (BB) - it will be sent to the registration authorities of cars, land, houses, flats, etc.
If a wilful defaulter is listed by any finance company or bank company - in that case, the borrower concerned will not be able to become a director of any finance company or bank company until five years have passed after the borrower has paid off the loan and is exempted from that list.
BB' has ordered to provide all information on wilful defaulters.
Banks will have to submit information to the Credit Information Bureau (CIB) of BB's every three months.
Recently, the Regulations and Policy Department of Bangladesh Bank issued an order in this regard.
According to the new circular, three types of instructions have been given in the field of reporting information on wilful defaulters to the central bank. First, after identifying and finalizing the wilful defaulter borrowers by the bank, it will have to be sent to the CIB of Bangladesh Bank.
The wilful defaulter borrowers will have to be shown as 'wilful defaulters' in the CIB. Second, the bank will have to send the accumulated information on the wilful defaulter borrowers in the form of a statement on a quarterly basis. In addition, it will have to be submitted to the Banking Regulations and Policy Department by the 10th of the month following the end of three months.
Along with this, all their documents will have to be provided. Third, the names, mobile numbers and e-mail addresses of the members of the bank's identification unit regarding the wilful defaulter borrowers will have to be provided.
A sample form has been prepared on how to provide information on wilful defaulter loans after every three months. It was seen that if the wilful defaulter is an individual, the following information must be provided: name, national identity card number, date of birth, name of bank branch, and when he was finally included in the list of wilful defaulters.
In the case of privately owned institutions, the name of the owner, national identity card number, date of birth, name of bank branch, and when he was finally included in the list of wilful defaulters.
In addition to the recently published circular, another such notification was issued on March 12, 2024. At that time, banks did not show much interest in wilful defaulters. At that time, it was said that information about what kind of action has been taken against loan defaulters was provided. Now, further amendments have been made in providing information about wilful defaulters.
Eminent economist Anu Mohammad told The Daily Observer that wilful loan defaulters cannot be given any kind of concession. Their assets must be seized to recover the loan amount. They cannot be given loans more than once. They must be identified socially. So that the common man can know that they have taken money from the bank, but have not returned that money. They are deliberate defaulters.
When asked about this, former Chief Economist of Bangladesh Bank Dr. Mustafa K. Mujeri said, deliberate defaulters must first be identified. Then the process of collecting money from them must be accelerated. There must also be a focus on preventing deliberate defaulters from being able to influence and become ordinary defaulters.
When asked, a senior official of a private bank said, "The process of identifying deliberate defaulters is a bit complicated. Apart from that, banks follow a slow-motion policy in this regard. However, I hope it will become more dynamic over time."
