Businessmen, economists and policymakers are worried about corruption and irregularities in the banking sector, which are creating obstacles to the country’s march towards becoming a more prosperous nation.
Bangladesh has achieved the eligibility for escaping the LDC status but the development thrust is being marred by widespread corruption in the banking sector.
Analysts think that the banks are losing their capacity to extend credit support to the entrepreneurs in the given circumstances keeping pace with the country’s development thrust.
Experts underscored the need for ensuring good governance in the banking sector to overcome this drawback. The bank authorities should be strict in scrutinizing applications for loans, assessing the qualifications of the applicants before approving any loan.
The corrupt bank directors and officials should be brought to justice for approving clandestine loans and misappropriating funds. The loan defaulters should be punished as well.
The Artha Rin Adalat Ain (Money Loan Court Act) needs to be amended to empower the banks to sell the mortgaged property of the defaulter clients to realise the loan.
Besides, steps should be taken to expedite the disposal of the cases filed over loan defaulting. At the same time, the entrepreneurs and companies that pay back the loans properly should get more loans at lower interests.
The 7th Five Year Plan that was introduced in 2015 also emphasised attracting private investment. The plan targets to attract Tk 31.90 lakh crore investments by 2020. Of them, 77.3 percent investment is expected to come from private sector and 22.7 percent from the public sector.
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