Friday, 06 December 2019, 12:20PM


Rescheduling default loans beyond systems


Special Correspondent, | 17 May 2019, 09:04AM

Rescheduling default loans beyond systems
Photo: Collected

Dhaka, ( Bangladesh Bank (BB) has created ample opportunists to reschedule default loans enmasse going beyond normal banking systems. All classes of defaulters will get opportunities to enjoy this undue facility.

The defaulters counting his loan on the very date of December 31, 2018 can apply to their banks within 90 days of issuing the circular.

A circular from the Banking rules and policy department of BB was issued on Thursday(May 16) to bring down the default loans pending with several banks. The circular containing three pages describing various facilities for the defaulters and signed by the General Manager of the central bank has told that this opportunity will be given for once to the defaulters.

Again the defaulters are getting special exemption on the imposed interest. The defaulters will get exemption of the suspended part of the imposed interest. Though the amount of default loan will come down but it might hit the cost fund of the bank. Because the cost of bank fund is generally met with the interest accrued from the loan takers. Again to remove this scare, the banks will get exemption of cost of fund. However the cost of fund for the defaulters will be determined from January 1.

In the circular it is told that the unimposed interest will be totally waived. The matter is that the amount of default loans of a person or an organization has been estimated but the interest is yet to be imposed will get this facility of total interest waive.

The sectors which will come under this facility scheme are Trading sector, Food goods sector, Edible oil, Ship industry and persons and organizations of non agriculture sector.

The rate of interest of default loans will be counted at the simple interest rate of 9 percent. If the defaulters pay 2 percent down payment then the defaulter can apply for rescheduling. They will get 10 year time with a grace period of one year. They do not pay repay any amount within one year.

All the defaulters small, medium or big will get this opportunity. The defaulters since after liberation will enjoy this facility. In this case their loan will be counted on the basis of December 31, 2018 accounting all period.

In the circular it is also told that if any defaulter thinks that he or they will come out of the list by paying all the default loans at a time. The defaulter will get one year time in these cases. For repaying at a time they will have to pay 9 percent simple interest. If they fail to pay within six months they will get another six months time. If any defaulter fails to pay within the stipulated time then he will have to pay 9 percent interest plus 2 percent more interest.

Immediate after the issuing of the circular the defaulters will get the facilities mentioned in it. However they will have to apply within 90 days after the issue of the circular. They will have to apply to the concerned banks. The application must contain the reasons of default. The deliberate defaulters will remain outside the purview of this facility. After 90 days the efficacy of this circular will end.