Central bank to track farm loan by mobile

Bangladesh Bank (BB) has advised banks to preserve the mobile phone
number of each customer in their files to be able to monitor the
distribution of farm loans. The central bank has recently issued a
circular to all banks. The circular also said that if the
agricultural loan customer does not have a mobile phone, his
neighbour's mobile number must be preserved in the customer's file. A
BB official said there were allegations of irregularities in the
distribution of agricultural loans. The provision has been put in
place to promptly detect such irregularities. An inspection team
visiting a bank branch will now able to reach the loan recipient
easily. BB has undertaken the initiative to facilitate proper
distribution of the agricultural loans, an official said. The bank
has appointed 83 new assistant directors and their training scheme
includes training at field level. The 83 new recruits will be trained
to monitor whether or not farm loans are being properly distributed.