BANGLADESH Bank on Monday issued final approval to Citizen Bank license initiated by Law Minister with a paid up capital of Tk 500 crore, reports a national daily on Tuesday. The Central Bank Board of Directors gave the approval amid criticism from various quarters in the height of pandemic period while opposing new bank this moment saying the banking sector is totally overcrowded now with more than 56 banks and most of them have not enough business and languishing from different disorders.
But it appears that political leaders are taking more interest in setting up banks as an easy way of minting fortune. Over a thousand political leaders including Ministers, MPs and their families now control the country’s banking sector. Similar numbers mainly from ruling party also control the non-bank financial institutions (NBFIs). It appears new banks are making debut no matter how many banks are properly functioning. Controlling banks and NBFIs allows control of national wealth. Our legal system opens the door for such misuse of banks and laundering their funds.
Report said the Citizens Bank was proposed by the Law Minister last year in his mother name. The name has been later amended and the approval granted after expiry of several dates. But question arises how the Law Minister has been able to create the huge capital and whether the fund contributed by friends and family members has the known source of earnings.
The existing banks are in deep crisis. Yet the law minister got a special knowing the looters need government protected banks for keeping their money and safe laundering. The looters of public money are sure that this government is protected by the corrupt ones so nothing will make corrupt ones unsafe. When the law minister himself is behind the new bank everything criminal will be legal. It is no favouritism as an offence. Because favouritism is the government.
