Delayed payments on L/C

The payment of the letters of credit is not paid in due time in many banks. For example, I am waiting to receive a payment from a private bank. The payment is overdue by nearly 22 days now. The bank cannot even confirm when they will release the payment. This is quite frustrating.

If a payment is late, the bank should pay overdue interest. This will discourage the payer against delaying payment.

Many businesspeople and organisations are not receiving their payments on time. As a businessman, I have had many bad experiences of receiving delayed payments on LCs. Some payments were late by a month. This is really bad as it affects the businesses.

I feel that the Bangladesh Bank should intervene here to solve the problem.

Akmal Hossain

Narayanganj