The statement will have to be submitted within 10th of next month, said a circular Bangladesh Bank issued yesterday with immediate effect 

Bangladesh Bank has asked all the schedule banks to submit monthly the large loan statement through the central bank’s web portal.

The statement will have to be submitted within 10th of next month, said a circular Bangladesh Bank issued yesterday with immediate effect.

The banks will also have to submit hard copy of the statement and soft copy of CIB statement to the Department of Off-site Supervision (DOS) of Bangladesh Bank until further notice.

The central bank has no accurate information about the large loans. As a result, it could not monitor the large loan clients and identify who are holding loans violating the rules, said a senior executive of Bangladesh Bank.

He said the Credit Information Bureau (CIB) of central bank is supposed to preserve the loan statement, but most of the information is inappropriate as it maintains the data provided by the banks. “There is no scope to recheck the information.”

The CIB, however, is supposed to be a most functional department as banks provides loans to the clients based on its clearance that a client is not already a defaulter. Unfortunately, the CIB remains non-functional, said the executive.

As a result, he said, the loan defaulters are getting loan through taking the advantage of the weakness in the CIB. Sometimes innocent people are being harassed due to CIB clearance with wrong information, he added.

Under the circumstance, the central bank has asked the banks to submit the large loan statement to the DOS, he said.