20 businesses hold 31% RAKUB default loans

Twenty businesses hold 31.43 per cent or Tk 381 crore of Rajshahi Krishi Unnayan Bank’s (RAKUB) total defaulted loans.

In fiscal year 2020-21, the bank’s default loans soared to Tk 1,211.88 crore – 19.29 per cent of its total disbursed loans.
Angkur Seed and Cold Storage tops RAKUB’s loan defaulter list with Tk 47.39 crore, followed by Shah Ismail Gazi Cold Storage’s Tk 42.87 crore bad loans.
Ashraf Seed Store is third, with default loans of Tk 34.02 crore, followed by Nigar Cold Storage (Tk 31.25 crore), and Proshika Manobik Unnayan Kendro (Tk 23.27 crore).

RAKUB Managing Director Ismail Hossain declined to comment.
Its General Manager Kamil Burhan Firdous told The Business Post that it had become difficult to realise money from the top defaulters, resulting in massive bad loans for the bank.

“We are playing an aggressive role in realising loans from our top defaulters. Our big loans are stuck with cold storages,” he said. “Writ petitions are the main obstacle to realising default loans.”

The other 15 defaulters are – Shah Amanat Specialized (Tk 22.24 crore), Azad Jute Mills (Tk 21.65 crore), Agro Art Industries (Tk 21.48 crore), M/S RRSR Rice Mills (Tk 20.33 crore), Fulbari Cold Storage (Tk 20.32 crore), Al Faruk Bags Limited (Tk 17.03 crore), Azmiri Cold Storage (Tk 14.57 crore), GSA Auto Bricks (Tk 14.5 crore), Kolin Foods Processing (Tk 14.44 crore), Eknij Feed Mills Pvt (Tk 12.68 crore), M/S Mahbub Hossain (Tk 7.68 crore), Punarvaba Food Processing and Preserve (Tk 7.21 crore), Green diagnostics Centre (Tk 4.44 crore), M/S Rafa Auto Rice Mills (Tk 2.09 crore) and Taufik Poultry and Hatchery (Tk 2.04 crore).

Last year, RAKUB’s default loans stood at Tk 1,755.95 crore or 31 per cent of its total disbursed loans. The amount was Tk 1,099.94 crore or 20 per cent in 2019. In 2018, the amount was Tk 1,306.35 crore or 24 per cent of its total loans.