People have right to know to whom banks are giving loans : HC

Staff Reporter :
In the full text of a verdict the High Court said, since bank money is people’s money, they have the right to know to which person or organization the bank or the financial institution is giving public money.
Therefore, along with each loan sanction, the sanction letter of the loan giving institution has been instructed to be published on the website of the concerned financial institution to inform the public, also read the full verdict.
The observation came into the full text of the verdict that rules no bank or financial institution (FI) can file cheque dishonor case against any person for defaulted loans.
Following an appeal petition filed over a cheque dishonor case of the BRAC Bank, the High
Court bench of Justice Md Ashraful Kamal delivered the verdict on November 23 this year, while the full text was released on Thursday (December 1).
However, the Appellate Division of the Supreme Court on Thursday stayed this verdict for two months.
A five-member bench of the Appellate Division headed by Chief Justice Hasan Foez Siddique passed the order after hearing three separate petitions filed by BRAC Bank against the High Court verdict.
The High Court said the sanction letter should describe in detail the manner in which financial institutions will release defaulted loans.