Bank interest

The savings account bank interest rate remains hardly at five per cent after deduction of tax at source. On the other hand, billions of taka sanctioned by banks have turned into default loans and this money is not recoverable. We read how Rahamat Kabuliwala stabbed his client as he failed to pay back and Rahamat was sent to jail. In Shakespeare's 'Merchant of Venice' Shylock the Jew demanded a pound of flesh from his defaulter client. But loan defaulters and their accomplices including bank officials in our country walk free. Had the default loan culture been curbed, I believe banks could double the savings bank interest rate. The Finance Minister needs to think over the recent incidents of bank money plundering and do something to punish the offenders.
Mahmud Ali
New Eskaton, Dhaka