Delayed LC payment in SCBs

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We often see that payment of a LC is not settled timely due to delayed payment and non-payment of interest. It has become a bad practice in our country and many businesses have been suffering silently. If Bangladesh bank strictly monitors whether the payment of LC is made on time or not, many businesses will be saved from liquidity shortage. I have tried many times to recover interest due to delayed payment of LC but the bank doesn't take sincere steps to compensate the beneficiary of delayed payment.
Due to frequent delayed LC payments, our businesses have been suffering and losing reputation in the international market. Especially, the state-owned commercial banks (SCBs) have a bad reputation of paying LC payment later. I think if the irregularities of LC payment are sorted out, we will see enough discipline in our banking sector. So, every bank --private or state-owned, must make sure that the payment of their LC is timely disbursed. As a result, trust and confidence will prevail in our business sector.
Bangladesh Bank also should monitor the banks so that they cannot realise high charges from their customers in the name of various service charges. If discipline is established in the economic sector, many more entrepreneurs from home and abroad will come forward to invest in industries here.
Mohammad Sohel Hara
Shahjadpur, Dhaka
sohelhara@hotmail.com