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Tk 3,684cr interest waived in 8yrs

Such practice of state banks, financial institutions fuels unethical activities: BB

Rejaul Karim Byron
Nine public sector banks and financial institutions in the last eight years waived a staggering amount of Tk 3,684 crore interest on loans against 693 accounts, which the central bank thinks encourages 'unethical activities' in many fields.
Bangladesh Bank (BB) disclosed this in a report that also said if any borrower is affected due to genuine causes, in that case formulation of an exit policy for bringing the borrower out of loan burden may be logical.
The central bank placed the report yesterday at a meeting of the Executive Committee of National Economic Council (Ecnec) as the prime minister wanted to know about waiver of interest in the last 7- 8 years.
After the meeting, Planning Minister AK Khandker told journalists that the matter was not discussed at the meeting. The finance ministry would take necessary steps in this regard.
The BB report said waiving interest is a very sensitive issue. Giving such privilege hampers normal loan recovery process. Avoiding waiver of loan as far as possible is better.
It also said, if necessary, a genuinely affected borrower may be helped by giving scope for rescheduling his loan and relaxing condi lions for rescheduling.
Hie report noted that the finance ministry and central bank can formulate an exit policy by discussing it between themselves.
The BB has no guideline or circular on waiver of interest. The Issue is solely a concern of the financing banks. The banks waive interest as per their own policy and approval of their respective board of directors, the report mentioned.
As per an earlier Ecnec decision, the BB placed at the meeting the report regarding interest waiver of I k one crore and above between 2001 and 2008.
According to the report, Sonali Bank has waived I k 988 crore interest on loans against 215 accounts. The highest amount of Tk 255 crore was waived in 2007.
Janata Bank waived I k 656 crore interest against 117 accounts with the highest amount ofTk 187 crore waived in 2004.
Agrani Bank waived I k 947 crore against 115 accounts. The bank’s highest waiver of interest wasTk242 crore in 2008.
Rupali Bank waived Tk 183 crore interest against 56 accounts. I’he highest amount of Tk 63 crore was waived in 2008.
Bangladesh Shilpa Bank waived interest of Tk 325 crore against 63 accounts, and the highest amount was Ik 113 crore waived in 2001.
Rajshahi Krishi Unnayan Bank waived Tk 18 crore against 10 accounts. Of the amount, Tk 10 crore was waived in 2002.
Bangladesh Shilpa Rin Sangstha waived Tk 256 crore interest against 41 accounts with the highest amount of Tk 77 crore in 2001.
Basic Bank waived interest of Tk 12 i rore against six accounts in 2007. It did not waive any interest in otheryears.
Ten firms got the highest interest waiver from five state-owned banks and five firms got the highest interest waiver from four specialised financial institutions. Some of those also took the privilege of interest waiver from govern ment organisations.