The central bank mentioned in the notification that if willful defaulters are identified and appropriate steps are taken against them, it will be possible to maintain credit discipline and enhance efficiency and capacity in the banking sector, as well as prevent defaults. It will also be possible to reduce the debts incurred. ,
It further said, increasing the efficiency and capacity of the banking sector will have a positive impact on the capital, income, profitability, liquidity and solvency of banking companies, thereby further boosting overall economic activity.
Therefore, the central bank considers it necessary to identify willful defaulters by following due process and take appropriate legal action against them, the notification said.