Terming the Bangladesh Association of Banks' (BAB) proposal of formulating the Bank Reporting Act as illegal, Transparency International Bangladesh (TIB) on Monday expressed deep concern over it.
In a statement, TIB executive director Dr Iftekharuzzaman said BAB proposed the act to prevent media from disclosing any kind of negative news on the banking sector as it thinks such news affects the confidence of the clients.
Terming it as a dreadful move and anti-public proposal, he said such an act will encourage irregularities and corruption in the banking sector.
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"The Bank Reporting Act is needed, but not to create obstacles in the way of disclosing information on corruption, irregularities and fraud, but rather to create an environment so that such information can be disclosed freely," said the TIB executive director.
Claiming that people have the right to information about corruption as well as positive achievements of private banks, he said the bank sector has no right to confuse people and spread corruption by creating obstacles to information.
TIB also stressed the need for forming an unbiased advisory committee to take effective measures and to identify short term, mid-term and long term strategy ensuring participation of all stakeholders to solve the ongoing crises in the private banking sector.