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Loan cases to be processed expeditiously

Defaulters will be denied further bank credit

Star Economic Report
Bank borrowers identified as defaulters will be denied of any further credit facilities, a Bangladesh Bank directive said on Monday.
Lost of big borrowers of the scheduled banks and Bangladesh Bank have been published tn country’s newspapers The central bank circular Issued said it was keen to enforce belter discipline tn the banking sector and asked the banks to implement the decisions In the greater public
The directive of Bangladesh Bank has been Issued under Bank Companies Act 1991.
It said the loan cases will be processed and filed expeditiously before the financial courts as soon as the decree is obtained from the courts. The banks have been asked to lake prompt action for execution of the decrees.
A defaulter will not be allowed to continue as director of a bank In the private sector. The Bangladesh Bank directive said it will be against the public interest to allow a defaulter to continue as director.
The directive said a list of directors of the banks who have become defaulters has to be sent immediately to
Bangladesh Bank to take appropriate action against them under the Bank Companies Act 1991. Banks have been instructed to follow rules laid down under Section 17 of the Bank Companies Act. If any director is seen to violate provision of the section, a list describing the violations should be immediately sent to Bangladesh Bank for necessary action, the circular says.
The directive further said, in the process of loan sanctioning, if any director or officer of a bank is found to have violated provision of Section 27(1) and 27(2) these violations should be identified and reports sent to the Bangladesh Bank by the banks as soon as possible for appropriate action.
For rehabilitation of sick units other than the measures
taken by the bank for a particular project in case of industrial loan, no remission can be allowed and in case of commercial loan no remission can be allowed other than through foreclosure of sccurl-ties/mortgages or sales or auction.
In this connection, at ten lion is also drawn to restriction imposed on debt forgiveness under Section 28 of Bank Companies Act, 1991.
In this section "Director" will Include as provided for in Sub-Section 2 of Section 27 the wife, husband.' father, mother, son and daughter of a director, the circular added.
Unauthorised remis-ston/forgivencss is punishable by three year RI or fine of Taka 30 thousand or both, the directive added.