Nov 23
BB's 'serial defaulter' suspended PDF Print E-mail

Bangladesh Bank yesterday suspended its General Manager Provash Chandra Mallick for defaulting on loans with 11 banks.

The central bank issued an order to the effect, saying Mallick would receive the minimum allowance to make his living during the suspension period.

The central bank decision came a day after The Daily Star published a report.

He took out loans amounting to Tk 82.43 lakh from 15 banks, Tk 53.39 lakh of which has already become classified, according to central bank data.

Not only that, he borrowed about Tk 1 crore from several of his colleagues on an informal arrangement and never paid them back, said a BB official seeking anonymity.

Mallick owes money to NRB Commercial, United Commercial, National, Pubali, Mutual Trust, Prime, City, Meghna, Premier, Southeast and Mercantile.

Now posted at the Bogra office of the BB, Mallick took the majority of the loans through credit cards and small personal loans, leveraging his familiarity with bank officials.

As per rules, BB officials have to take prior permission from their high-ups to take any loans from banks.

“But Mallick took no such permission,” the central bank official said.

(Source - The Daily Star)