No one will be allowed to flee after looting bank funds: BB Governor

Bangladesh Bank Governor Dr Ahsan H. Mansur on Wednesday stated that no one will be allowed to flee after looting bank funds. He also mentioned that political interference in banks will be stopped to prevent anyone from establishing a rule of looting.

Due to irregularities, scandals, and failures in good governance, both banks and non-banking financial institutions require reform. Following the political change on August 5 last year, Bangladesh Bank took several initiatives for reforming the banking sector, including the formation of a task force, the introduction of new laws, and amendments to existing laws like the Bank Companies Act. As a result, some looted banks have begun to recover, but many are still in dire straits.

On Wednesday (April 9), the 10th Annual Banking Conference was held at the BIBM office in the capital. During the event, the Chairman of the Bangladesh Association of Banks (BAB), Abdul Hai Sarker, said that the real owners of the banks are the customers, so the banks must focus on gaining their trust. Otherwise, the sector will not be able to recover.

While not all banks are in bad condition, Bangladesh Bank Governor Ahsan H. Mansur pointed out that the ones in poor condition are in very bad shape. He emphasized that no one would be allowed to flee after looting bank funds and that political interference in banks would be stopped.

The Governor further mentioned that, in the interest of the customers, the central bank would intervene in the banks' boards, and in the coming weeks, the board of another bank would be dissolved.