Until now, only signatures were required to take a loan from any bank in Bangladesh. But from now on, it is mandatory to give thumb impression of both hands to take loan. Bangladesh Bank has also made it mandatory to take fingerprints of loan guarantors.
The central bank said banks will accept fingerprints from the database stored for national identity cards. Also, the content of the charge documents accepted for the purpose of lending should be read out to the borrower, guarantor and the related third party. These instructions were given in a notification issued by the Central Bank yesterday, on 2nd August.
According to the notification, before disbursement of the loan, there are instructions to execute the charge documents related to the loan along with the imposition of charges on primary and collateral. It contains a list of accepted charge documents, customer wise, loan type wise and loan collateral wise, where signatures of the borrower and the third party are accepted.
However, according to the observations of the High Court, several writ petitions were filed in the court in recent times. Where both the borrower and the guarantor of the loan have not signed the loan and guarantee documents. As a result, the signatures of the borrower and guarantor have to be relied upon in verifying the authenticity of the respective charge documents. It is hindering the legal process of debt recovery.
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