‘Banking commission to be formed in reasonable time’
09:26 PM, August 14, 2019 / LAST MODIFIED: 09:37 PM, August 14, 2019

‘Banking commission to be formed in reasonable time’

Says finance minister

Banking commission will be formed within a reasonable time with a view to perking up the financial health of banks, Finance Minister AHM Mostafa Kamal said today.

He told this after a meeting with the managing directors and chairmen of 34 non-bank financial institutions (NBFI) at National Economic Council auditorium in capital Dhaka.

Central Bank Governor FazleKabir, Finance Secretary AbdurRoufTalukder and Banking Division Secretary MdAshadul Islam were also present at the meeting.

While unveiling the fiscal budget for 2019-2020 in June, Kamal said a banking commission would be formed in the quickest possible time.

In the meeting today, the minister said the top bosses of the NBFIs alleged that many willful defaulters continued to show reluctance to pay back their loans that has created a roadblock to run their business operations.

In many cases, the defaulters file writ petitions with the High Court to thwart the NBFIs’ effort to recover the loans.

The finance minister said the government would amend the acts related to the financial sector to shun loopholes so that willful defaulters will be forced to pay back the loans.

The defaulters will have to deposit a certain portion of their outstanding dues before filing lawsuit with the court, he said.   

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