Finance Minister AHM Mustafa Kamal said Wednesday banks interested to get merged with each other will be given permission to do so once the law is passed, which is now at drafting stage. In this regard, the private-owned Padma Bank and state-owned Basic Bank will get opportunity to get merged. Though it is late, we welcome the decision. As a nation we have developed a self-destructive tendency for which we never admit our wrongs until they are at final stages of collapse. When looting is open under the cover of development banks are allowed to operate only to suck money from ordinary people.
Though unbelievable, under our present economic structure 61 scheduled banks are operating in Bangladesh. Of them, there are 6 state-owned commercial banks and 3 specialised banks. Even so, there are a couple of applications for new banks lying pending in the Bangladesh Bank for permission. Several times we cautioned the government not to allow such a huge number of banks under political considerations. But a politically-blessed section of new billionaires have got permission to open banks one after another, and started making the economy overburdened by taking thousands of crores of taka with an ill-intention of not to refund. Currently, most of banks are suffering from bad loans and the banks are not able to take back the money from them as the borrowers are much more powerful.
The Padma Bank which now wants to merge with any state-run bank was opened as Farmers Bank. Its founder is a ruling party leader and former minister. So, he didn’t face any obstacle to leave the bank with penny less vaults letting the name to be changed to Padma Bank. To save the drowned bank, the state-owned commercial banks like Sonali Bank, Janata Bank, Agrani Bank, and Rupali Bank were compelled to buy shares of the Padma Bank plus ICB was asked to give fund. Another one is Basic Bank against which Anti-Corruption Commission filled a number of cases for swindling Tk 4500 crore by its chairman. There is no need to elaborate the ACC’s activities as it couldn’t touch him despite repeated attempts due to his strong political connection. No government can allow banks for looting people’s money without any accountability. What disturbs us very much is that the helpless general people put money in the banks only to be looted by the big shots. Government intervenes when everything is gone.
