Rupali Bank's burden: Why the government-owned bank is struggling and what can be done to help

Rupali Bank’s burden: Why the government-owned bank is struggling and what can be done to help

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Rupali Bank data shows that as of June, Chattogram-based Noorjahan Group, which is involved in commodities business, topped the list of loan defaulters as four companies of the group owed the bank Tk 6.29 billion. Second-placed Benatex Industries owes Tk 3.67 billion to Rupali Bank, AA Knit Spin Ltd (Tk 2.82 billion), Virgo Media (Channel 9) (Tk 2.42 billion), HR Spinning Mills (Tk 1.99 billion), Ibrahim Consortium . (Tk 1.92 billion), Chattogram SA Group (1.90 billion), M Rahman Steel (Tk 1.88 billion), Jazz Spinning (Tk 1.84 billion), Panna Textile (1.73 billion), HZ Agro (1.67 billion), Himalaya Paper & Board ( Tk 1.65 billion), Western Engineering (Tk 1.64 billion) and Chaudhary Leather owe Rupali Bank Tk 1.61 billion.

Besides, Shafiq Steel, Mabia Ship Breakers, Water Haven Corporation, Crystal Steel & Ship, Beautiful Jacket and Dhaka Textile Limited also figure in the list of top 20 loan defaulters who collectively owe Tk 41.98 billion to Rupali Bank.

The state-owned bank recovered only Tk 650 million in the first six months of 2023, with AA Knit Spin Ltd alone returning Tk 390 million and Panna Textile paying Tk 130 million.

Other loan defaulters include MB Spinning, Nasreen Zaman Knitting, Japan Bangladesh Securities, Price Club General Trading, ABS Garments, Dream Knitting, Desh Jewellers, Z&Z International and Capital Assets Production Ltd. Of these companies, Japan Bangladesh Securities, owned by casino scam mastermind Selim Pradhan, and Desh Jewellers, owned by Feni’s Anwar Hussain alias Gold Anwar, jointly owe Tk 1.80 billion to Rupali Bank.

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