Tk 6,06,503 crore outstanding loans in last 10 years

Muhith tells JS

Staff Correspondent | Published: 00:05, Jan 25,2018 | Updated: 00:00, Jan 25,2018


Finance minister AMA Muhith on Wednesday told Jatiya Sangsad that the amount of outstanding loan stood at Tk 6,06,503 crore while the amount of loan defaults stood at Tk 65,602 crore in last ten years.
‘A total of 91 banks and financial institutions provided Tk 6,06,503 crore loan to 8,791 individuals and institutions. Of them, the number of loan defaulters is 1,956,’ he said while placing a list in the JS.
At least Tk 10 crore was given to each 8,791 individuals or institutions in the last 10 years, he said, adding that the list has been prepared by the Credit Information Bureau database of Bangladesh Bank as of November 2017.
Acknowledging the weaknesses in banking sector, the finance minister said that it would take time to get rid of the flaws.
‘There are many weaknesses in banking sector and the government has been trying to get rid of it. But it will not be easy to settle the problem... it will take time,’ he said while responding to lawmaker’s queries.
The list containing the names of all the defaulters also shows that the amount of classified loans stood at Tk 72,050 crore.
Muhith in the list mentioned names of all 1,956 individuals and institutions that became top loan defaulters.
Some of the names include Hall Mark Spinning Mills Limited, Monno Fabrics Ltd, Keya Yarn Mills, Bismillah Towels, Apex Weaving and Finishing Mills Ltd, The Dacca Dyeing and Manufacturing Company Ltd, Northern Distilleries Ltd, Dhaka Denim Ltd, Wall-Mart Fashion Ltd, One Denim Mills Ltd, Al-Amin Bred and Biscuits Ltd, Biswas Textile Ltd, Meghna Vegetable Oil Industries Ltd, One Spinning Mills, Asian Food Trading and Company, Moon Knitwear, Desh Television Ltd, Dhaka March Industries, Quantum Power Systems Ltd, Azad Trading, North South Spinning Mills Ltd and Dandy Dying Ltd.  
In reply to another query, the finance minister informed the House that process to take actions by the Anti-Corruption Commission against BASIC Bank and Sonali Bank loan scams were underway.
On the corruption of Farmers Bank, Muhith said the central bank has instructed the newly-formed board of directors of the bank to regain depositors’ confidence by taking special measures to recover loans given to name only organisations and to recover other loans.
On the loan scam of NRB Commercial Bank, he said the Bangladesh Bank reconstituted the board of directors of the bank as the central bank found evidence of involvement of its board of directors in irregularities and corruption.
On the scam of AB Bank, Muhith said the ACC was investigating the alleged money laundering of Tk 3,000 crore to Singapore.
He also added that Bangladesh Financial Intelligence Unit has already taken measures to collect the evidence and information about the siphoning off money to Singapore.
On the allegation of making second home in Malaysia, Muhith informed the House that BFIU has already given information to ACC after collecting information from respective Malaysian authority.  

Want stories like this in your inbox?

Sign up to exclusive daily email