The amount of defaulted loans is increasing by leaps and bounds in the banking sector of the country. For this, the weakness of the bank in verifying the eligibility of the borrowers is blamed. Bangladesh Bank has decided to create a new organization called Private Credit Bureau (PCB) to verify the eligibility of banks in such a situation.
This agency, which acts as an intermediary between the bank and the customer, will determine the assets and qualifications of the customer and give the rating. According to a reliable source of the central bank, the customer will get the loan based on that rating.
This decision was taken in the board meeting of Bangladesh Bank on Tuesday afternoon.
The same meeting also gave final approval to Cash to start operations as a digital bank. However, Kadi got more time as he could not fulfill the initial conditions. At the same time, the new Secretary of the Financial Institutions Department has been selected as a board member of Bangladesh Bank.
It has been reported that Bangladesh Bank has decided to establish a new institution called Private Credit Bureau (PCB) to determine the eligibility of customers in lending to banks. This institution will rate the customer based on the asset and liability repayment rate in the case of bank loan disbursement. Banks will distribute loans based on this rating.
Those concerned with the sector say that Bangladesh Bank is going to create a new middleman between the bank and the customer through PCB. However, banks still entrust various companies with customer inquiries and other activities before disbursing loans.
Azad Ahmed (pseudonym) works in one such company. When asked about this, he said, our company works with a private bank. In this case, our company gets 2 percent interest on the bank loan. Fixes documents for customers who take car and house loans. In this case, even if the customer is not qualified, we use various means to show them as qualified. Because our income is only if we can distribute loans. At the same time, the responsibility of debt recovery is also in the hands of these companies, he said.
In this regard, former chairman of Association of Bankers Bangladesh (ABB) Nurul Amin said that some companies do such work in the field of credit card distribution. And some banks are responsible for taking care of various issues including customer collateral before disbursing loans through private companies. Now, if Bangladesh Bank approves such companies, then if the loans go bad, they will also be held liable. it’s good As the liability now falls on the audit companies in various fields, the same will fall on them.
Sources of the central bank said that in October last year, Bangladesh Bank had allowed cash and card to open the digital bank window for initial work. After that the Bangladesh Bank took a policy decision to give their final sanction as the cash had performed its initial function. Bangladesh Bank has given Kardi time till next December as he could not complete the preliminary work on the same day.
In this regard, Managing Director (MD) of Naqd, Tanveer A Mishuk, said that there is one more step left for Naqd to start digital bank operations. If Bangladesh Bank gives us final approval, Naqd will start operations as the country’s first digital bank.