Banks can write off small loans up to 500,000 taka

Banks can write off small loans up to 500,000 taka

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Bangladesh Bank has said that banks can now waive agricultural and small and medium enterprise loans up to 500,000 taka without prosecuting defaulters.

Earlier, lenders were eligible to liquidate bad loans up to Taka 200,000 as defaulted loans without prosecuting the delinquent if the charges were not mandatory.

In its latest move, the central bank pointed out in a notice on Thursday that the cost of fighting a legal battle after initiating a case for defaulted small loans is often high, in some cases running up to Tk 200,000 or more of the total outstanding amount. it occurs.

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