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Finance minister: No place for dishonest employees in state-owned banks

  • Published at 10:28 pm March 13th, 2019
Planning Minister AHM Mustafa Kamal
File photo of Finance Minister AHM Mustafa Kamal Mahmood Hossain Opu/Dhaka Tribune

Mustafa Kamal also asked the country’s banks to introduce blockchain technology

Finance Minister AHM Mustafa Kamal on Wednesday said all bankers who helped dishonest businessmen take money from state-owned banks and willfully default on the loans will be punished.

"There is no place for dishonest bankers in state-owned banks," he said, adding that finding out the culprits will be easy. He furthered that the government will take strict action against immoral businessmen. 

"We will support the honest businessmen through our fiscal and monetary policies,” he added, while speaking as the chief guest at the Janata Bank Annual Conference-2019, at the Krishibid Institute Bangladesh, Dhaka.

Mustafa Kamal also asked the country’s banks to introduce blockchain technology for reducing operating costs and ensuring security.

“We know that automation is essential. The latest technology in the banking sector is blockchain. We will have to introduce a comprehensive system instead of small technologies,” he explained.

Blockchain resembles a large accounting ledger allowing all kinds of data and transactions—on shares and even insurance policies—to be secured, stored and transferred.

For ensuring transparency and integrity, Kamal said, banks will have to introduce internal control system through which it will be easy to identify any mistakes or irregularities. 

He furthered that the government is going to arrange special audit in all banks and financial institutions for ensuring transparency and integrity in the financial sector.

“We are working to arrange special audit for all banks and financial institutions. I am pro-private sector and pro-growth. I believe in development, poverty alleviation, and economic equality,” he added.

The finance minister expressed his high hope that the GDP growth rate in the current fiscal year (FY2018-19) will reach 8.25%.

“The ongoing GDP growth rate for FY2018-19 is around 8.11%...I think, at the end of this fiscal year, the growth will be 8.15%–8.25%. The GDP growth will double within the next five years,” he added.

The finance minister said the government is showing zero tolerance against corruption as per its election manifesto.

Bangladesh Bank Governor Fazle Kabir and Financial Institutions Division Secretary M Ashadul Islam were present as special guests. 

Fazle Kabir asked banks to show their real amount of default loans and provide all sorts of support to the special auditors to accelerate the default loan collection process.

Chairman of Janata Bank's Board of Directors Luna Shamsuddoha chaired the conference, while Managing Director and CEO Abdus Salam Azad delivered the welcoming speech.