Central Bank rejects receipts submitted by clients who took loan from local banks

Thursday, March 8, 2018

The Central Bank of Kuwait has rejected the receipts that were submitted to some of the banks by their customers who took loan form the banks, local media reported.

Local daily Arab Times, citing Al-Rai Arabic news paper reported that the Central Bank of Kuwait took that step after it realized the receipts, which indicated the way the loans were spent by clients, are fake due to which they cannot be approved. The inspection teams of the Central Bank of Kuwait discovered that the documents provided by the clients do not match the cash withdrawal processes in terms of the dates or the cash amounts.

Earlier, starting from October 2016, Central Bank of Kuwait activated the conditions that include obligate those who apply for loans to provide a number of information including revealing the purpose for taking the loan, the way the loan will be repaid if it is not deducted from salary, and the way the loan will be spent.

The applicant has to sign a pledge to present the bank with receipts and documents to prove the way the loan will be spent whenever the bank asks for them during the first year of granting the loan.

According to report, the names of the violating clients will be added to the blacklist of Ci-Net (Credit Information Network) under the tagline “Uncooperative Clients”. They will not be offered any banking facilities in the future including granting of loans.


Express your comment on this article

 
Indian
Posted on Sunday, March 11, 2018

@RT Bhakt Spotted !!!

Scorpio
Posted on Thursday, March 8, 2018

@RT don't think CBK would ever come up with something like our demonetization. They have better sense than that.

deepak
Posted on Thursday, March 8, 2018

Great move by CENTRAL BANK OF KUWAIT wish we have RBI IN INDIA should also be at alert like CENTRAL BANK OF KUWAIT, the modis, maaliya and etc would have not escaped with this huge amounts.

Raja
Posted on Thursday, March 8, 2018

Most of the people using their loans to pay credits, anyway banks are taking interest. Have to look at repayment not about proof of utilize.

RT
Posted on Thursday, March 8, 2018

Just wondering how IIKians would have reacted if RBI comes up with such dictate.....
How a fake threat perception, attack on freedom etc. drama would have played out....

Submit your comments...
     
Disclaimer: The views expressed here are strictly personal and IndiansinKuwait.com does not hold any responsibility on them. We shall endeavour to upload/publish as many of the comments that are submitted as possible within a reasonable span of time, but we do not guarantee that all comments that are submitted will be uploaded/published. Messages that harass, abuse or threaten other members; have obscene, unlawful, defamatory, libellous, hateful, or otherwise objectionable content; or have spam, commercial or advertising content or links are liable to be removed by the editors. We also reserve the right to edit the comments that do get published. Please do not post any private information unless you want it to be available publicly.
Image

India - Global host of 2018 World Environment Day

India is the global host of 2018 World Environment Day which is taking place on June 5, 2018. The t

Image

Students should proactively indulge in co-curricular activities - Raghavi Vishwanath an alumni of FAIPS Kuwait

When youngsters reach a pinnacle it is always a pleasure to learn more about their lives and how th

Image

A thought for Ramadan

Sunday, the 13th of May, 2018 Festival greetings, Happy Sunday greetings Mother’s Day greetings

Image

Kuwait Cricket - A Sense of accomplishment: Herschelle Gibbs

In the recently concluded ICC World Twenty20 Asia Qualifiers ‘A’ , the Kuwait's national crick

Image

Raindrops - Usual and Unusual Stories of love by Dr. Navniit Gandhi

Dear Readers, Dr Navniit Gandhi has penned a collection of 19 true, usual and a little unusu

Image

Love is in air when he sings, Shahbaz Aman

What could be the appropriate adjective to describe this man; singer; composer; or an unusual embod

Image

Don’t Want a Day… Want a Deal!

I am a Woman and like me, there are countless other women out there who do not want Days to commemo

Image

My heart, my soul and all my sincerity is for this country – Ajiaz Ahmad Sarfaraz

“By serving this great country for more than three decades, I feel that the word ‘great’ fully appl

Image

Teamwork Makes The Dream Work! – Nomaan Sidiq Budroo, Captain of Kuwait U-19 Cricket Team

Kuwait Cricket’s National U 19 team returned home after their best ever performance in the ICC U 19

Image

A Walk in the Garden…

Our garden in Salmiya is an exciting learning-place… Every walk in it, teaches something every time

Image

True sense of Indian luxury at Asha’s Restaurant

Who doesn’t like a luxurious dine out once in a while with families and friends? What if it is coup

Image

Zafran Indian Bistro with innovative Indian Cuisines

Indian Cuisines are packed with interesting ingredients and enticing aromas that make it super deli

Image

New Menu at Zafran Puts Contemporary Spin on the Traditional

Fans of Zafran can rejoice as the popular Indian bistro launches a new menu this week. The front

Image

A nostalgic and delicious train journey in Kuwait at Kerala Express Restaurant

A train journey during our annual vacation in India is definitely a nostalgic experience for many o

Image

22 Yards Cricket Academy Summer Camp For Cricket Coaching

22 Yards Cricket Academy, a professionally run Cricket coaching center having its 16th year of succ

Image

KCWA organized ‘Play on Indoor Sports’

Kuwait Canara Welfare Association (KCWA), for the first time organized an Indoor “Play on Sports” e

Image

Don Bosco Oratory (DBO) Beat Kuwait Independents Hockey (KIH) 1/0 in The First 2018 DBO Hockey Tourunament

Kuwait, Ahmadi – 12 May 2018, in what would one say “breathless showpiece” DBO and KIH. It was anot

Image

Kuwait Cricket set to host ICC World Twenty20 Asia Qualifier ‘A’

Whilst this is not the first International tournament to be hosted in Kuwait, this particular editi

Image

Himanta Biswa Sarma elected BAI President

Assam Health and Education Minister Himanta Biswa Sarma was on Tuesday unanimously elected the Badm