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'Understanding on loan repayment a must'

Defaulters list will not affect existing arrangements

Star Economic Report
Existing arrangements for working capital support and other normal lending operations by the scheduled banks will remain undisturbed even after the publication of the defaulters list
Only no renewal of such facilities beyond the terms and conditions under existing arrangements will be allowed for the defaulters. For renewals, the defaulters must come to an understanding with their respective banks for repayment of outstanding loans.
Briefing newsmen about the new drive for recovery of bank
credits from the defaulters. Governor of Bangladesh Bank S B Chowdhury said on Sunday that the commercial banks had borrowed so far Taka 4000 crore from the central bank to overcome their operational problems because of poor credit recovery performance. The 'default culture" has shaken the banks and they will cease to function If discipline is not enforced in the overall financial sector, he observed.
S B Chowdhury said, the recently enacted bank companies law empowered the central bank to assert its supervi-
sory role for disciplining the banking sector. He however hastened to add that the list of defaulters had been provided by the scheduled banks to Bangladesh Bank. More lists will be published by the central bank in addition to those being published by the individual banks, he added.
About renegotiations including rescheduling of credits realisable from the defaulters, the governor said It was a matter between individual banks and their defaulters. The central bank will have no role in this process but it will publish the names of those who reached Understanding with their banks for repayment of credits and remained no longer defaulters. he added.
Reptying to a question, the governor said total amount of bad and doubtful debts which had so far been classified by the scheduled banks stood at Taka 6000 crore. It represented 30 per cent of total bank credits of Taka 22,000 crore till date and covered credit operations In different sectors
He said credit overdues in the agricultural sector amounted to Taka 3800 crore. A substantial portion of this amount has also been classified as bad and doubtful debts and is Included in the aggregate amount
S B Chowdhury pointed out that the sector-wise break up of bad and doubtful debts had not been compiled as yet. He however said Industry accounted for 36 per cent of total bank credits and agriculture absorbed 21 per cent The rest of the credits went to other sectors, he added.
The governor said, the classification of bad and doubtful debts would continue to be done in the future by the commercial banks. About the published lists of large default ers with their outstanding credits exceeding Taka 2.5 crore in each individual case, he said an amount of Taka 2300 crore was to be realised from 223 defaulters with scheduled banks. Bangladesh Shilpa Rin Sangstha and Investment Corporation of Bangladesh. Out of this amount, defaulters in the private sector owed Taka 1200 crore and those in the public sector. Taka 1100 crore, he added.