Three Union Bank Limited officials of Gulshan corporate branch have been suspended over a liquidity shortage of Tk 19 crore in its vault. Bangladesh Bank officials on last Monday discovered that the vault was short of funds mentioned in documents and that a cheque was shown to adjust it. The vault documents showed it contained Tk 31 crore in cash.
But the central bank officials found Tk 12 crore and a cheque worth Tk 19 crore left in the vault. A probe committee has been formed. Reports say the money was provided to a VIP customer after the banking hours. It’s useless as the act was a serious breach of law.
What is intriguing is the name of the VIP has not yet been disclosed. According to media reports a cheque has been found but nobody dares to mention the name of the VIP. In Bangladesh taka nineteen crore is nothing where thousands of crore of public money disappear without trace. The Central Bank itself is no guarantee for safe keeping of its own money. It has no or little control over banks. There will be enquiry but its progress will also depend on VIPs.
What our officials are projecting about us abroad. Certainly not a nation of qualified people to run a government. Are we goats? The first enquiry must begin with the VIP involved. If his name cannot be disclosed don’t bluff us of any inquiry. The people have lost trust in the banking system. But people have no choice to avid banks.
Previously branch managers were authorised to allow top business people to withdraw money at the last moment but the central bank has stopped the practice to enforce greater discipline. Everybody knows that flouting authority is no problem for some privileged ones.
