Friday, 11 October 2019 06:10

BOC writes off loans amounting to Rs. 1,169 million

Bank of Ceylon has written off Rs. 1,169 million capital of loans obtained by s 12,014 customers of the Bank in 2017/2018 period , latest data showed..


Interest related to above outstanding was Rs. 830 million. Capital written off and interest wave off had been increased by huge percentages of 2,387 and 756 percent compared with the previous year.
Out of the above Capital written off amount, a sum of Rs. 936 million is related to 8358 numbers of loans had been granted by Northern Provincial Branches such as Atchchuvely, Chunnakam and Kilinochchi..
Those loans had been granted to refugees in IDP camps after the war in 2009 as housing loans, self employment loans, agriculture loans and even consumption loans.
When granting above loans proper identifications, verification of addresses and other usual credit checks, etc. had not been carried out by the Bank.

(LI)

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