No non-performing loan from now on

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Dhaka: Finance Minister AHM Mustafa Kamal yesterday said there will be no non-performing loan (NPL) from today as Bangladesh Association of Banks (BAB) is going to take necessary measures to check the loans. “Now NPL has become a matter of concern for the banking sector. However, it is still in a manageable position. From today, NPL will not increase and BAB will take necessary initiatives to cut the existing classified loans,” he told reporters after a meeting with BAB at the Economic Relations Division (ERD) of the Planning Ministry in the capital.

BAB Chairman Nazrul Islam Mazumder and others directors of the association were present at the meeting. Kamal said the government will prepare a guideline to verify all the classified loans in the banking sector and will take necessary steps for checking the loans. “BAB will give us a list of loan defaulters, their borrowing amounts and interest amounts. We will verify the list in line with data of the central bank and the Financial Institutions Division. Then, we will prepare the guideline and go for action,” he added.

Nazrul said BAB is going to take necessary steps against NPL with support from the government. “Comparing the neighbouring countries, the existing rate of NPL is not a matter of concern for us. We’ll take all kind of measures for reducing NPL from today,” he said. Nazrul said BAB will present the whole scenario of NPL before the government within one month so that it can take further steps to cut the existing rate of NPL. While the genuine businessmen will be provided some relief at the time of recovering non-performing loans, legal measures will be taken against those who have laundered money abroad after taking the loans, said BAB leaders.

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