Dhaka, July 29 -- The defaulted loans of the banking sector surged to Tk5.31 lakh crore, of which approximately 1,200 defaulting business entities have appealed to the central bank for special consideration for loan rescheduling.

Bangladesh's banking sector is grappling with a dramatic surge in defaulted loans, a phenomenon largely attributed to irregularities involving businesses close to the former Awami League government, coupled with the country's ongoing economic downturn and new policy implementations.

This troubling trend is evident across nearly all banks, including both those that are strong and those that are struggling.

A recent report by the Bangladesh Bank has confirmed these alarming figures.

According to Bangladesh Bank...