Finance
Loan Default Loan defaulters to get relief by paying half the amount
Dhaka, December 19: Loan defaulters have been given another chance. If you pay half of the loan installment that is 50 percent, you will get relief from the loan default. According to the new instructions of the central bank, he will not be identified as a defaulter if he pays half of the loan installments for the last quarter of the current year 2022 (October to December) by December.
On Sunday (December 18), Bangladesh Bank's Banking Regulations and Policy Department-BRPD sent an instruction regarding this to the Managing Director and Chief Executive Officer of the Scheduled Bank.
According to the instructions of Bangladesh Bank, if at least 75 percent of the installments payable from October to December of this year are paid within the last working day of the quarter, against unclassified term loans, the said loans cannot be classified negatively. However, due to the prolongation of the war in the outside world, its long-term negative impact has increased the production cost of the industry. As a result the real income of the borrowers has decreased. For this reason, in order to keep the economic activities of the country dynamic and to make it easier for the borrowers to pay the loan installments, against term loans, if 50 percent of the installments payable from October to December of this year, instead of the minimum 75 percent, are paid within the last working day, the said loans cannot be classified negatively.
Based on the banker-customer relationship, installments can be rescheduled and collected as per the new schedule, taking into account the remaining tenure and extended one year period. This directive has been issued under the powers provided in Section 45 of the Bank Companies Act, 1991, which will be effective from now.
