ISLAMABAD (Via Dawn): During a hearing of the loan write-off case on Thursday, Chief Justice Iftikhar Mohammad Chaudhry said that despite the fact that the matter was in court, banks were still writing off loans, DawnNews reported.
The court was hearing a case relating to Rs256 billion loans written off by banks between 1971 and 2009.
Chief Justice Iftikhar enquired as to why cases had not been registered against the defaulters.
The chief justice said the money belonged to the public and it should be recovered.
He further said that accountability courts and banking courts would be established within a period of three months.
During the previous hearing, the State Bank of Pakistan (SBP) had submitted to the apex court a report saying that 56,336 cases of recoverable loans totalling Rs215 billion till December 2009 were pending in various courts.
At the February 14 hearing, the SBP’s counsel had said that Rs74 billion had been written off by various banks during 2008 and 2009. According to the report, the amount included Rs36 billion given to 446,049 borrowers under the Rs500,000 loan category and to 8,698 people under the Rs1 million category.
The court was hearing a case relating to Rs256 billion loans written off by banks between 1971 and 2009.
Chief Justice Iftikhar enquired as to why cases had not been registered against the defaulters.
The chief justice said the money belonged to the public and it should be recovered.
He further said that accountability courts and banking courts would be established within a period of three months.
During the previous hearing, the State Bank of Pakistan (SBP) had submitted to the apex court a report saying that 56,336 cases of recoverable loans totalling Rs215 billion till December 2009 were pending in various courts.
At the February 14 hearing, the SBP’s counsel had said that Rs74 billion had been written off by various banks during 2008 and 2009. According to the report, the amount included Rs36 billion given to 446,049 borrowers under the Rs500,000 loan category and to 8,698 people under the Rs1 million category.
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