HC halts BB’s new scheme for loan defaulters for two more months

Send
Bangla Tribune Report
Published : 17:26, Jun 24, 2019 | Updated : 18:29, Jun 24, 2019

A general view of the Bangladesh Supreme Court. BANGLA TRIBUNE/file photo

The High Court has extended the status-quo on a notice of Bangladesh Bank halting the privilege of loan defaulters to secure further loans for two more months.
The HC bench of justices FRM Nazmul Ahasan and KM Kamrul Kader handed the order following a writ petition on Monday (Jun 24).
Earlier on May 21, the same bench issued the status-quo order following the petition filed by lawyer Manzill Murshid on behalf of Human Rights and Peace for Bangladesh.
On May 16, Bangladesh Bank, in line with the proposition rolled out by Finance Minister AHM Mustafa Kamal in April, issued the official circular on the government’s new scheme for loan defaulters to pay off their debts.
Those who are unable to pay, but can give ‘adequate justification’ for their present situation, will be allowed to pay off the loans with a 2 percent down payment on the loan amount and 9 percent interest over 10 years with a one-year grace period.
The circular specifically mentioned a number of privileged priority sectors including trading sectors like wheat, food items, edible oil and refinery, and ship breaking. The new arrangement would also be considered for application to other sectors where a huge number of bank loans remained unpaid for long.

/bi/hb/aib/
Top