The Bangladesh Bank Highlights Need for Timely Resolution of Cases in the Money Loan Court
December 4, 2023The circular underscores the imperative for prompt action in resolving ongoing cases in the Artha Rin Adalat or money loan court. It underscores the legal responsibility outlined in the Money Loan Courts Act of 2003 to accelerate the adjudication of money-lending cases within a stipulated timeframe. Recent assessments by the Bangladesh Bank reveal substantial delays in concluding such cases, adversely affecting both depositors and scheduled banks. The circular attributes this delay to negligence on the part of all parties involved, with a particular emphasis on plaintiff banks. In order to rectify this situation and ensure the expeditious and timely resolution of pending cases, the circular calls upon banks to handle cases with diligence, placing emphasis on comprehensive preparation and effective communication with legal representatives.
KEYWORDS
RELATED EXPERIENCES
Related Articles
- Regulatory Guidelines for Prepaid Instruments in Bangladesh: Ensuring Financial Inclusion and Consumer Protection
- July 1, 2024 - Bangladesh Bank Mandates Alternative Dispute Resolution for Non-Performing Loan Recovery to Strengthen Dispute Resolution in Banking
- June 3, 2024 - Bangladesh Bank Adopts Crawling Peg System for US Dollar Exchange Rate
- June 3, 2024 - Stimulating Foreign Currency Reserves: Tax Breaks for Offshore Banking in Bangladesh
- May 2, 2024 - Regulatory Directive Impacts Industrial Establishment Access to Utilities and Financial Support
- May 2, 2024