Crackdown on big loan defaulters

The central bank chief has vowed a crackdown on defaulters failing to service huge debts owed to Bangladesh's commercial banks and ruled out concessions for chronic defaulters beyond existing norms.
"We must bring down the level of loan default to single digit," Bangladesh Bank Governor Atiur Rahman told bdnews24.com in an exclusive interview Monday. "This is my dream."
Billions are owed mostly to state-owned banks by top borrowers who continue to seek special favour but the governor says nothing can change the existing rules.
The governor said the economy was benefitting from "the stability in the banking sector" and that the central bank was tightening its belt through better supervision and faster response to irregularities to avoid default.
"Quality lending is the key and our officers are issuing early warnings in some cases," said Atiur Rahman, well into his sixth year as the top regulator.
Rahman has been selected for the ‘GUSI Peace Prize International 2014’ Award for his work in economics with a focus on welfare of the poor.
He was appointed as the Bangladesh Bank Governor on Apr 30, 2009 during the previous Awami League-led Grand Alliance government.