Taskforce launched to streamline banking sector

 
Bangladesh Bank (BB), the country's central bank, has formed a six-member taskforce to bring reforms to the perilous banking sector.

Bangladesh Bank on Wednesday issued a notification regarding the formation of the special taskforce for ensuring financial stability in the banking sector.

The members are Special Envoy to the Chief Adviser on International Affairs Dr. Lutfey Siddiqi, Bangladesh Bank's former Deputy Governor Muhammad A. (Rumee) Ali, Chairman of BRAC Bank Meheriar M Hasan, former Lead Economist of World Bank's Dhaka Office Dr. Zahid Hussain, Vice Chancellor of ZNRF University of Management Science Professor Dr M. Zubaidur Rahman and Sabbir Ahmed, FCA, Partner. Hoda Vasi Chowdhury & Co.

One of the main reasons behind the downfall of ousted Prime Minister Sheikh Hasina was her utter failure to safeguard state-owned and private banks from being plundered and rampaged. The culprits were for the most part Sheikh Hasina's political party Awami League leaders, corrupt bureaucrats, unscrupulous business syndicators, the Prime Minister's two principal secretaries and the regulatory authorities.

Several newspapers including The Asian Age published a broad number of reports on unabated corruption, anarchy, nepotism, irregularities, burgeoning defaulted loans, money laundering and political influence in the country's banking administration. But instead of paying heed to the cautionary messages from newspapers and media outlets, the immediate past regime intimidated investigative journalists using law and order forces and an influential intelligence agency. Even in many cases newspapers were forced by Sheikh Hasina's government to delete reports on corruption from their websites.

Following former Prime Minister Sheikh Hasina's escape from Bangladesh to India on 5 August 2024, Professor Dr. Muhammad Yunus was invited by students, academic scholars, financial experts and patriotic platforms to arrive in Bangladesh and to hold the country's leadership helm. Eventually Nobel Laureate Dr. Muhammad Yunus arrived in Bangladesh on 8 August 2024 and he and his cabinet colleagues took oath on the same date evening and thus an interim government was formed.

Dr. Muhammad Yunus has meanwhile stated that he and his advisory council would thoroughly reform Bangladesh's police force, banking system, judicial service and electoral framework before the next general polls are held.

According to the press release, Bangladesh Bank Governor will be coordinating all the activities of the above taskforce.