Issuing directives not sufficient to implement single digit

Dr Ahmad Al Kabir, Former Chairman, Rupali Bank:
There are many questions over the implementation of single-digit lending rate. The private banks face many obstacles to implement the single-digit rate. The banks cannot go for major change all of a sudden, as they have agreements with many people. For instance, we have to wait if there is an agreement of 12 percent for one or two years. Merely issuing directive will not help. The banks receiving deposits at a high rate will not be able to change the rate until they are matured.
Many banks lack sincerity in implementing single-digit lending rate. They are dillydallying in implementing the decision for more profit. In case newer agreements, it will be seen after some days that the transition has automatically been done. The banks should inform the clients about the change in interest rates. Apart from some media reports, nobody is doing the job of letting clients know about the change. The clients should also be pro-active. Big clients are changing accordingly but others are not doing so. Because, they are not well aware of it. They must be informed.
Based on an interview by Ashiq Rahman, translated by Hossen Sohel