banking sector
Are borrowers or bankers more to blame for default loans?
According to the latest statistics from Bangladesh Bank, the total amount of default loans in the country's banking sector has reached 2,84,977 crore taka. This constitutes 16.93 per cent of the total loans disbursed by banks. In July, the amount of default loans was 2,11,391 crore taka. Therefore, in just three months, the amount of default loans in the banking sector has increased by 73,586 crore taka. During this period, the amount of default loans in state-owned banks has increased by 23,628 crore taka, while in private banks, the increase was 49,885 crore taka.
Time to initiate urgent reforms in the banking sector
After the students' movement, an interim government assumed the responsibility of state management under special circumstances. The interim government is now passing three months in office. Public expectations from this government are very high. People hope that it will steer the country towards sustainable development by addressing the various damages created in society. However, there are growing concerns that public trust in the interim government is gradually fading. Although several commissions have been formed for reforms in various sectors, the general public is not well-informed about their activities and progress. In particular, there is skepticism about what the interim government is planning regarding the troubled banking sector and how much of that we will be able to see reflected in the future.
Change of MDs of state-owned banks, when is the policy overhaul?
The Financial Institutions Division under the Ministry of Finance on September 19 issued a circular cancelling the contract-based appointments of Managing Directors and Chief Executive Officers (MDs and CEOs) at six state-owned banks: Sonali, Rupali, Agrani, Janata, BASIC, and BDBL. This unprecedented decision marks the first time in Bangladesh's banking history that so many MD appointments have been revoked simultaneously, sparking intense debate within the sector.
Time to reform the banking sector is now
In the context of a political shift, the country has entered a new era. Under the leadership of Nobel Peace Prize laureate and internationally renowned economist Dr. Muhammad Yunus, a 17-member interim government has assumed the responsibility of governing the state. The primary duty of this interim government is to hand over power to a newly formed government based on the people's mandate through a fair and acceptable national election.
No alternative to practicing ethics in banking sector
As an economist, I have always strived to move beyond theoretical studies and actively engage in implementing development ideas at the grassroots level. Inclusive development has always been at the center of my research. The opportunity to make economic practice relevant for the welfare of the common people is rare. Nonetheless, I have always been eager to apply my research experiences if given a chance in policy-making. In the late 1990s, an opportunity arose when I served as the Chairman of Janata Bank. I had nearly two years to realize the slogan "Janata Bank for the People" and to open up financial transactions for farmers and small entrepreneurs under the initiative "Janata Bank in Every Home." I also focused on bringing banking services closer to the masses by introducing digital technology and internship programs to engage the youth. The way the CEO and all bankers at that time came forward to establish participatory and humane banking was unparalleled. As a result, the bank became the number one bank in Bangladesh by all indicators.
ISPR requests not to get misled by rumours over security of St. Martin’s
Inter Services Public Relation Directorate (ISPR) has urged all not to be misguided by rumours spreading through social media over the security of St. Martin’s island centering Myanmar's ongoing internal conflict near the island.
Individual purchasing power indicates financial strength
There is no substitute for consumer purchasing power when it comes to personal happiness. Although it's often said that money is the root of all evil or that money is dirty, we cannot ignore its necessity in life. The reality is that we cannot get by without money, even for a moment. Money is the medium of exchange that underpins consumer purchasing power and paves the way for peace. Human life revolves around three types of energy: physical strength, mental strength, and financial strength. When these three forces are combined in one's life, one can be considered truly happy.
What does it indicate if deposit growth in banking sector slows down
A recent news article published in a national daily cited statistic from the Bangladesh Bank, indicating a decrease in deposit growth in the banking sector. Despite an increase in interest rates on deposits, depositors are now less inclined to keep their savings in banks as they used to.
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