A handful of lucky borrowers took huge money from public as well as private commercial banks and non-banking financial institutions (NBFI). As they are not genuine businessmen, they became defaulters. The banking sector was in disarray. Indeed these people are either not honest businessmen or they do not have any patriotism left in them. They are efficient manipulators who manipulated the decision-makers in the banking sector with help from some dishonest politicians and bureaucrats and extracted public money illegally. They maintain a lavish life style with loan money. There are reports that a big chunk of this loan money has been smuggled out of the country.
Some people believe that if the businesses of the big defaulters are taken away from them to adjust their loans, economy will have a negative effect. But it is not true. The properties of big loan defaulters should be sold to successful business houses which will utilize those properties effectively and make profit. They will take care of the commercial and industrial units belonging to the defaulters and help them prosper and drive the economy ahead. When non-performing loans will come down to a reasonable level, interest of the loans can be reduced, which will help business to flourish. The loan defaulters squandered public money. If they are treated sympathetically, the country will lose the money.
Public money in bank and NBFIs is meant for welfare of the people and well-being of the country. The government should enact such laws that will ensure tough punishment for wilful loan defaulters. Such measures will help the government to curb these crimes and expedite its efforts to make Bangladesh a middle-income country.
Md. Ashraf Hossain
8/A, Ramna, Dhaka-1214.
- Friday, 22 November 2024 |
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