Default loan, we all know this term well. It is a problem and a deadly problem for a developing economy. Our Banking industry is dragging down by it, maybe it is the most hype news of the Banking sector over the last few years. Well! This writing has no intention to let you know the same thing that you already know.
Let's explore the Why? Why did it happen to us?
This world is liberal at least everyone wants to be liberal. If you as a government think by making a closing economy and restricting outgoing transactions will favor you in a large scale, then it's simply a paradigm of a failure thinking. The reason we restricted our outgoing transaction is only barring people who have literally not many effects on it. Most of the defaulted loan's money is being laundered to other countries. Do you think these are done by the people you want to restrict?
Simply, It's a NO!
The political interferences in approving loans and unprofessionalism and ineptness of bankers to deal with loan sanction made it a near to impossible task for us!
As we figure out the problem let's move to solve it,
- Political Interferences
It is undoubtedly a very powerful problem to break. Most of our politicians already failed to earn people's credibility. It will never bother them to even destroy the whole country for the sake of their own interests. But they severely fear the exposing of them towards the public. To make them away from this we will have to use this weak point. We can make a fully decentralized ledger to let it fully transparent who are taking loans and who is not giving back it. As it will be completely decentralized and immutable ledger no one will be able to manipulate it once the data are being inputted. The public will simply able to see whether their legislature, spokesperson are engaging with this kind of heinous works.
- Unprofessionalism and Ineptness
Let's look at the top 10 banks with the highest defaulting loan.
a) Sonali Bank
b) Basic Bank
c) Janata Bank
d) Agrani Bank
e) Bangladesh Krishi Bank
f) Rupali Bank
g) Islami Bank
h) Pubali Bank
i) United Commercial Bank
j) National Bank
Among them, 7 Banks are State-Owned and Specialised Bank. These banks are recruiting their employees by asking questions on,
English Proficiency
Bangla
General Mathematics
General Knowledge
Can we just make it an analytical set of a question rather than making it a memorize material to recruit a huge unprofessional body to run a specialized sector that deals with the country's sensitive issues.