Loan approved by non-bank financial companies cannot be disbursed to any third party or institution except the beneficiary. Besides, relevant papers have to be attached to the loan documents to ensure the disbursement.
Bangladesh Bank came up with the decision and issued gazette notification on Tuesday (August 17) to this connection. The gazette has been sent to all managing directors and chief executive officer of financial institutions.
What the gazette features
According to the gazette, the bank learned in recently that loan, lease or investment is being disbursed to third parties in lieu of the loaner.
Such actions are clear violation of Integrated Risk Management Guidelines for Financial Institutions-2016.
The central bank gave two specific directives to ensure the loan distribution to the recipient at first place including attachment of proper loan documents.
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