“We need to strengthen the two provisions of the law because we need to be on par with the global banking laws,” he said at the inauguration of 10 branches of Mercantile Bank Limited, at the Westin Hotel Dhaka.
Muhith said these provisions would be used in the coming days as 56 banks are operating in the country and that the number needs to be reduced.
“There are 56 banks operating business in Bangladesh, which is a huge number for Bangladesh.”
Bangladesh Bank Governor Fazle Kabir, Mercantile Bank Limited Chairman Shahidul Ahsan and the bank’s Managing Director Kazi Mashiur Rahman were also present.
“Mercantile Bank has expanded its service. This is good for its clients as well as the country can benefit from its expansion economically,” finance minister said.
“The money would of no use if they are not circulated. The banks are doing this job well. The circulation of money is also needed for the development of the banking system,” he added.
Bangladesh Bank Governor Fazle Kabir said: “I believe the expansion of banking service will create a new horizon in the banking sector.”
“We welcome this initiative. With the successful advancement of the growth, I would like to thank the authorities for the management of the bank efficiently,” he said.