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

Sunday, March 11, 2018
@RT Bhakt Spotted !!!

Thursday, March 8, 2018
@RT don't think CBK would ever come up with something like our demonetization. They have better sense than that.

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.

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.

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.

Community News

On the occasion of Mother Mary’s Birthday Kuwait Pangla Association (KPA) celebrated the feast which is known as Monti Fest ...

After organising successfully four seasons of “Dhoom Machale” Indian Youth Society-Kuwait is presenting “Dhoom Machale Seaso...

Mujthaba Creation & Events has announced the business excellence award for the first and foremost Career-leading Business m...

Kuwait Pavendar Kazhagam celebrated its 67th Kalam as a 110 Birthday of the Great Leader “Arignar Annaa” programme on 07.09....

Kala (Art) Kuwait presents “NIRAM-2018” Children’s Day Painting Competition in association with ‘AMERICAN TOURISTER’, will b...