Dhaka, April 5 -- Following similar action taken against the banking industry last month, the Bangladesh Bank (BB) has now instructed non-banking financial institutions (NBFIs) to set up willful defaulter identification units by the end of April.
The circular instructed NBFIs to set up the identification units led by officials two levels below the managing director and chief executive officer (CEO) of the finance company.
The management must carry out all related activities throughout the unit.
In a circular on Wednesday, the central bank said a willful defaulter is defined as someone who fails to repay a loan, advance, investment or any other financial benefit taken by themselves, their family members or their institutions, despite havi...