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BB pushes brake on fringe lending frenzy

Rejaul Karim Byron
Bank loans to unproductive sector increased remarkably in one year until September last, prompting the central bank to ask commercial banks to cut loans to this sector.
Loan for medical purposes jumped by a staggering 2,303 percent or 23 times while marriage loan, car loan, consumers' credit for buying television and fridge and credit card loan registered rise ranging from 31 to 146percent.
According to Bangladesh Bank (BB) statistics, miscellaneous loans amounted to Tk 20,733 crore in September last year compared toTk 15,071 crore in September 2007.
The BB expressed surprise at such an increase in loans at a meeting of Bankers Committee yesterday with central bank Governor Salehuddin in the chair. Chief executives of all commercial banks were present at the meeting.
In one year, loans to miscellaneous sector increased by Tk 5,662 crore, the BB estimated.
Loan for medical treatment expenses increased byTk 1842.67 crore and stood at Tk 1922.68 crore in September last year as against onlyTk 80 crore in September 2007.
None in the Bankers Committee meeting could give a plausible reply when asked about the cause of such increase in loans.
The BB said it would investigate the matter.
Similarly, loan for land purchase increased by 136 per cent to Tk 292 crore and that for marriage expenses rose by 31 per cent toTk 101 crore.
Credit card loan increased by 146 per cent to Tk 808 crore. Loan for purchase of consumer goods including motor car, motor cycle, TV. fridge and computer rose by 36 per cent and stood atTk4076 crore.
And loan for flat purchase increased by 77 per cent to Tk 2,021 crore.
But loan for educational expenses rose by only .30 per cent and stood atTk296 crore.
Loan for professional services decreased by 60 per cent to Tk 285 crore and that for different 'Swanirvar' activities fell by 60 per cent and stood atTk 285 crore.
Economic analysis of the loans showed that of the total Tk 1,91,079 crore loan until September last year, trade loan was 36 per cent, miscellaneous loan 11 per cent, working capital 17 per cent, industrial loan 21 per cent and agricultural loan seven per cent.
The central bank yesterday expressed dissatisfaction over disbursement of loan to unproductive sector, and advised the bank executives to increase loan to productive sectors, cutting that to unproductive sector.
The BB governor asked the bankers to come out of conventional banking.
Association of Bankers, Bangladesh (ABB) President Mahmud Sattar said consumer loan is necessary. Such loans increase economic activities. He however agreed with the central bank that car loan, marriage loan etc should be brought down.