The special loan restructuring facility offered to some businesses on the grounds of political instability in 2014 have yielded little results in keeping them out of the "default-cycle".
The central bank and some banks offered a section of borrowers with rescheduling through the guideline on loan restructuring facility, issued in 2015.
But the borrowers concerned have failed to deposit the instalments as required under the guideline.
The banks, mostly state lenders, should have gone for foreclosures as per the guideline.
In the meantime, the big businesses, who have failed to make use of the special facility, are now lobbying for yet another opportunity for repaying the loan over a longer period.
A total of Tk 150 billion in classified loans belonging to 10 top businesses were restructured on the grounds of political instability in 2015.
Although the loans were restructured in 2015, the first payments of the three-month instalments began in December 2016.
Some borrowers deposited much lower than those of the sizes of instalments and Sonali, Janata and Agrani had to accept the amounts following intervention by powerful quarters.
A CEO of a state-owned bank told this correspondent that they had received such lower instalments after receiving regulatory instruction.
Even the banks did not take any actions like foreclosures in line with the provisions of the restructuring guideline.
A leading businesshouse of the country organised a section of delinquent borrowers in 2014 and lobbied hard with the government policymakers to create the special facility.
A number of businesses, originally from Chattogram, also said they had faced immense losses during the political violence and blockade on the Dhaka- Chattogram highway.
As per the proposal, the loan payment was supposed to start after two and a half years, and to end by 2026. The interest rate of the classified loans was fixed at 10 per cent.
The Bangladesh Bank issued a guideline on loan restructure on 29 January 2015. Those with defaulted loans of over Tk 5.0 billion were given the facility.
Talking to the FE, former deputy governor of Bangladesh Bank Khandker Ibrahim Khaled said if these businesses are allowed to get rescheduling facility again, it will be "illegal."
This will also be a misuse of this policy, he said.
He said if the authorities delay in taking actions the assets belonging to the companies will be lower than the amount of the loans.
Mr Khaled said as per the rule, the loan would turn classified again if two instalments are not repaid.
"The banks should take such action. Bangladesh Bank should compel the banks to implement it," he noted.
According to the BB, a total of 20 groups applied for the restructure and 10 groups got the approval for combined loans of Tk 150 billion.
As long as the groups are under a restructuring policy, those are out of the defaulters' list.
Beximco Group, MR Group, SA Group, Ratanpur Group, Thermax Group, Jamuna, Sikder, Abdul Momen and Enntex are among the companies who got the restructuring facility.
This correspondent contacted two top executives of the businesses who said they need longer tenure to repay.
