President: Big businessmen responsible for loan default

President Abdul Hamid stated on Saturday that while large companies and industrialists knowingly take out loans with the goal of not repaying them, ordinary people are not accountable for even 1% of bank loan defaults.

"They take loans (with an intention) not to pay. Of course, some bankers are also involved with it," he said at the sixth convocation of Jahangirnagar University.

At present, the country's banks and other lending institutions have more than Tk 1.34 lakh crore in defaulted loans, which is 9.36 percent of the total debt. This is the highest number of defaulted loans so far in the country.

According to Bangladesh Bank, the total debt status of the banking sector at the end of September 2022 stood at Tk 14.36 lakh crore.

"Remember that a country moves forward on the path of development and progress only with the coordinated efforts of politicians, businessmen and bureaucrats. Any failure to do so brings extreme danger to the country and the nation," the president said.