OUR banking sector is perhaps going through the toughest phase of its testing times. On one hand, the Prime Minister’s Office has given consent to the establishment of two more private banks amid warning by the experts that entry of new banks would be disastrous for the already scam-hit and overcrowded banking sector while on the other The Philippines bank, through which $81 million was stolen from Bangladesh’s central bank and channelled in February 2016, has accused BB’s financial monetary authority to cover up in-depth investigative details while being neglectful. Rather mysteriously, nearly a couple of years have elapsed, there is no word on who was the main culprit behind the scam and Bangladesh Bank has been able to retrieve only about $15 million, mostly from a Manila junket operator.
On the first topic, despite severe criticism, the incumbent government in 2012-13 awarded licences for the establishment of nine banks reportedly on political consideration. As if, establishment of new banks to embezzle depositors fund have become a ‘fashion’ nowadays. Evidently, the sector’s control is no longer in the hands of bankers or financial experts. It has now shifted into the hands of the party in power, and they are continuing to wreak havoc in as many ways possible. The PM’s consent for setting up two new banks smacks of unyielding and unchallenged political power to be determining the course of our banking sector.
BB is not only to be partly blamed for the heist worth $81 million in February 2016, but its refusal to be transparent and attempts to cover-up the scandal is a big disfavour to global efforts to combat cybercrime. The bold truth is – this illegitimate political interference to favour partisans, so to cripple our banking sector must stop. Since it’s now become all about misappropriating public money and the country’s politicians in power are doing nothing to deter it – it’s time the public come forward.
