The High Court yesterday ruled upon Bangladesh Bank to explain within four weeks why it should not directed to regulate interest rates charged by Grameen Bank to ensure that the rate is not oppressively high.
The bench of Justice Farid Ahmed and Justice M Shawkat Hossain issued the rule after hearing a writ petition filed by Barrister Masood R Sobhan, a lawyer of the Supreme Court.
The lawyer filed the petition in the form of public interest litigation on Saturday, saying the Grameen Bank realises 27 to 30 percent interest from its borrowers, which, he claimed, is higher than the rate of interest charged by any other commercial bank.
He appealed to the court to direct the BB to re-fix the interest rate of Grameen Bank in consistence with other banks.
Masood also sought directions from the court to direct the central bank to fix a 3 percent interest along with the establishment cost for lending money by Grameen Bank.
The central bank governor, the finance secretary and Grameen Bank have been made respondents to the rule.
Barrister Fatema S Chowdhury appeared for the petitioner.
Source: The Daily Star (May 9, 2011)
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