Dhaka, Bangladesh, Jan. 16 -- Financial Institutions Division (FID) under the Ministry of Finance has formed a three-member team to recommend how to reducing the volume of default loans in the banking system.

The members of team met with the senior officials of Bangladesh Bank (BB) on Tuesday just a day after forming the high-power body, according to officials.

On Monday, the FID assigned its joint secretary Md. Rizwanul Huda as chief of the team, they added.

Officials from both the central bank of Bangladesh and the FID at the meeting discussed about amendment of three acts -Banking Companies, Bankruptcy and Artha Rin Adalats (Money Loan Courts) for settling the cases within the shortest possible time-frame.

They also said the meetin...