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....

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