Bangladesh Bank is ready to scrutinize the lending portfolio of the potential candidates of the upcoming national election.

The Election Commission (EC) has written to the central bank asking them to update credit information of the possible aspirants of the 11th parliamentary election slated for Dec 30.

“We are following the EC’s directives. A Bangladesh Bank team is constantly on the alert regarding the matter,” said it’s spokesperson Sirajul Islam.

The financial sector regulator has already instructed the commercial banks to update their list of loan defaulters, he said.

According to the Representation of the People’s Order (RPO), a loan defaulter is disqualified for elections.

Bangladesh Bank, after getting approval from the finance ministry, will issue a letter containing specific instructions to the commercial banks and financial institutions.

Credit information is being collected on aspirants whose names have turned up on the media, a Bangladesh Bank official told Bangla Tribune.

The Credit Information Bureau (CIB) of Bangladesh Bank has a database of all the loan defaulters.

A managing director of a commercial bank said, “We received verbal instruction from the central bank about updating our loan defaulters’ list. We are working on it.”

In 2008, a provision was made stating that one has to be free of debt at least 30 days before filing the nomination. The provision was amended later stating that the aspirants had to be debt-free at least a week before submitting the form.

Recently the provision was partially amended and a gazette was published stating that a person will be eligible to run for the polls even if they clear out the debt on the day of the submission of nomination papers.

Bank officials said that this amendment has put the financial organizations under pressure as it will be difficult to collect the information of those aspirants who will be clearing out their dues at the last minute.