Work together to restore public trust in banking: Finance minister to stakeholders
Bengal Bank officially starts journey as the 60th commercial bank in the country
Finance Minister AHM Mustafa Kamal has asked for concerted efforts to restore public confidence in banks.
"There are many challenges in the financial sector, which have caused a crisis of confidence among businessmen and investors. Everyone must work together to overcome this crisis."
The finance minister was speaking as chief guest at the inauguration ceremony of Bengal Bank at a hotel in the capital on Wednesday night.
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Bengal Bank has officially started its journey as the 60th commercial bank in the country.
Calling on the Bengal Bank authorities not to open any branch of the bank at the instigation of anyone, the Minister Kamal said the bank had to work ahead keeping in mind the purpose of setting up the bank.
"One has to make its own path by looking at the weaknesses of other banks," he observed.
Jasim Uddin, chairman of the Bengal Bank and former vice-president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said the bank would work to overcome the crisis of trust among depositors created by various negative incidents in the financial sector.
His organisation would attach utmost importance to increasing the use of technology in providing banking services, he said.
Besides, Bengal Bank wanted to boost economic growth by providing loans to small and medium entrepreneurs, he continued.
That was why the slogan of the bank was "inspiring growth", he added.
Industries Minister Nurul Majid Mahmud Humayun welcomed the initiative to help small and medium enterprises.
On the other hand, Commerce Minister Tipu Munshi urged the bank authorities to set up a new example in the banking sector, while Salman F Rahman, private industry and investment adviser to Prime Minister Sheikh Hasina, called for building inclusive banking services.
Stressing the need for good governance in the banking sector, Nazrul Islam Majumder, chairman of the Bangladesh Association of Banks (BAB), said even though the Bangladesh Bank had instructed that boards of directors would not interfere in the management of banks, such instructions were only on paper.
"Managing directors of banks just follow the instructions of the boards," added the chairman of the association of bank owners.
He observed that if there was decay in the board of directors of a bank, it destroyed the bank. "Many banks have been declared bankrupt due to this reason," he added.
At that time, he demanded to increase the amount of tax-free deposit in banks from Tk5 lakh to Tk50 lakh.
Sheikh Fazle Fahim, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), and Morshed Alam MP, chairman of Bengal Group, were also present at the programme.
