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As a result of setting up a mortgage data bank, a land could not be mortgaged more than once.
Land Minister Saifuzzaman Chowdhury said this while inaugurating the Mortgage Data Bank and Case Management System as the chief guest at Bhumi Bhaban Auditorium in Tejgaon of the capital, today, on Monday afternoon.
Land Reform Board Chairman Soleman Khan and Bangladesh Bank Deputy Governor Kazi Saidur Rahman were present as special guests in the opening ceremony.
Land Secretary Md Mustafizur Rahman PAA presided over the programme.
Land Minister Saifuzzaman Chowdhury also said that under the leadership of the Prime Minister, the government is working to increase transparency in the Land Ministry. The citizens are getting benefits now. Once, a piece of land was mortgaged several times. Many transactions in the banking system are based on mortgages. Mortgage Data Bank will therefore play a positive role in the banking and financial system.
“We are digitalising land services in such a way that future generations do not have to suffer for land issues,” Saifuzzaman Chowdhury added.
The land secretary said that anyone can verify the mortgaged property information. 6,000 user accounts including 72 banks and financial institutions have been created with. Data entry of 22,200 mortgaged properties has been done.
He also said that about 21 thousand cases have already been uploaded in the case management system.
“All data entry will be done in time and it is an ongoing process.”
Deputy Governor of Bangladesh Bank said that there is now a revolutionary change taking place in the land management.
He also said that as a result of the mortgage data bank, important decisions of the bank can be taken quickly.
Senior officials of the Ministry of Land and its subordinate offices/agencies and managing directors of commercial banks and financial institutions of Bangladesh and their representatives were present on the occasion, among others.