Commercial banks of Bangladesh struck by top defaulters
Commercial banks of Bangladesh are going through a hard time at the moment because of loan defaulters. Every time the banks try to take some measure to get their money back, the prime defaulters file some petition in the court that keeps postponing this process.
The four state run commercial banks of the country accounts for around 50% of the total loan defaults. In the first six months of the ongoing year they have only managed to recover 16% of their targeted loan default money from top 20 defaulters. Managing Director of Sonali Bank, Mr Pradip Kumar Dutta, stated that the biggest hindrance to recover default loan money is the ever growing number of writ petitions filed in the court. Sonali Bank accounts for 18 names in the top 50 defaulters' names. The biggest loan defaulting group in Bangladesh right now is Hallmark Group. Their loan of 2,600 crore was granted by Sonali Bank.
Apart from the marked loan defaulters, there are plenty of business groups with a massive amount of debt to the banks. They take huge loans from one bank and then pay it off by taking a loan from some other bank and keeps the cycle going on and on.
Bangladesh Bank officials are suggesting the commercial banks to use their best lawyers to deal with these nuisance petitions so that they can be dealt with quickly and the process of recovering the money can continue.
Big companies in Bangladesh including Jamuna Group, Beximco Group, Islam Group, Meghna Group, Apex Group should not make this a habit of not paying loans back to the banks.
The four state run commercial banks of the country accounts for around 50% of the total loan defaults. In the first six months of the ongoing year they have only managed to recover 16% of their targeted loan default money from top 20 defaulters. Managing Director of Sonali Bank, Mr Pradip Kumar Dutta, stated that the biggest hindrance to recover default loan money is the ever growing number of writ petitions filed in the court. Sonali Bank accounts for 18 names in the top 50 defaulters' names. The biggest loan defaulting group in Bangladesh right now is Hallmark Group. Their loan of 2,600 crore was granted by Sonali Bank.
Apart from the marked loan defaulters, there are plenty of business groups with a massive amount of debt to the banks. They take huge loans from one bank and then pay it off by taking a loan from some other bank and keeps the cycle going on and on.
Bangladesh Bank officials are suggesting the commercial banks to use their best lawyers to deal with these nuisance petitions so that they can be dealt with quickly and the process of recovering the money can continue.
Big companies in Bangladesh including Jamuna Group, Beximco Group, Islam Group, Meghna Group, Apex Group should not make this a habit of not paying loans back to the banks.
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