Dhaka, April 4 -- The Bangladesh Bank asked non-bank financial institutions (NBFIs) to form a 'willful defaulters identification unit' within this month.
The unit will identify whether defaulting borrowers (individuals and institutions) are willful defaulters, as per a central bank notice.
If a defaulter is identified to be a willful defaulter as per the Finance Companies Act 2023, the concerned borrower will get 14 working days to present their statement on the issue.
A willful defaulter is one who does not repay their loan, advance, investment, or any other financial benefit taken by themselves or their family members or institutions despite their ability to furnish the sum.
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