High Court halts loan defaulters’ special privilege
The High Court has ordered for issuing status quo on Bangladesh Bank notice that allowed defaulters to reschedule their bank loans and get further loans via policy on loan rescheduling and down payment. For this reason the special privilege for the loan defaulters has been halted.
The High Court bench of Justice FM Nazmul Ahsan and Justice Kamrul Kader delivered the order on Tuesday.
Writ petitioner lawyer Manzil Murshid confirmed the information and said, the court has termed the circular of Bangladesh Bank as the savior for the bad and containment for the good which offered to repay the default loan under 2 per cent down payment with 9 per cent interest in 10 years.
Bangladesh Bank issued the circular on May 16. There privileges were given to the loan defaulters who are not repaying the loan after taking the amount from the banks.
The order said, they can be regular client after deposit of 2 per cent money against the defaulted loan. There the interest rate will be 9 percent. The amount should be paid within 10 years. Even they can get fresh loan. Besides, there are special offers who want to repay the loan within one year. Even they can pay rest of the money with 7 to 9 percent interest.
The central bank in its notice also said, as some loans have turned into default loans, so loan distribution and collection processes are being hindered. To maintain normal flow of loan and to collect the default loans these decisions were taken.