** We ask thieves to return the stolen public money as insisted by IMF ** Mango buds start appearing in many trees, in the middle of Poush and the beginning of Magh, has been a great surprise for many mango lovers. This photo was taken from Chattogram on Thursday. NN photo ** CEC estimates 15 to 20 percent by-poll voter turnout in 6 JS seats left vacant by BNP ** Fire guts 4 shops in Chandpur; six burned ** Govt fixes hajj cost at Tk 6,83,018 ** People don't need more government servants to make election cheating easier ** Power tariff further raised at both bulk and retail levels, effective from tomorrow ** Death toll from Pakistan mosque suicide bombing rises to 88 ** We want to know how corruption is to be eliminated under a corrupt government ** Thousands of leaders and activists of BNP join the party's march programme towards Jurain from Jatrabari with banners, festoons, national flags and party flags in their hands on Monday. NN photo ** Awami League leaders and activists gather at a peaceful rally in front of party's central office at Bangabandhu Avenue in the capital on Monday which was arranged by Dhaka South City unit of Awami League. NN photo ** At least 22 dead in Benin bus crash ** Suicide bomber kills 34, wounds 150 at mosque in Pakistan ** 2023 SSC, equivalent exams from April 30 ** Bangladesh reports 14 more dengue cases ** Passenger bus in Pakistan crashes, catches fire killing 40 ** Arab countries must supply weapons to Palestinians so that they can defend themselves against Israel's brutalities ** Walkways are being constructed on both sides of the canal of the Dhaka-Narayanganj-Dhaka (DND) dam at Siddhirganj of Narayanganj as the authorities took a project to develop the dam like Hatirjheel Lake in the capital. NN photo ** Light to moderate fog expect across much of Bangladesh ** New barrage of Russian strikes in Ukraine kills at least 11 ** Israel, Gaza fighters trade fire after deadly West Bank raid ** More delay in change will lead to more miseries for people ** Workers busy preparing stalls for the month-long Amar Ekushey Boi Mela, which is scheduled to begin on the Bangla Academy premises and part of Suhrawardy Udyan in the capital from February 1. NN photo ** Israel army kills nine Palestinians ** USAID announces $75 million assistance for Rohingyas in Cox’s Bazar, host community **

HC order on bank loan scams is welcome, but we need a permanent fix

06 December 2022
HC order on bank loan scams is welcome, but we need a permanent fix

Newspapers yesterday prominently published news of the High Court directing relevant authorities including the Anti-Corruption Commission (ACC), Bangladesh Bank, Bangladesh Financial Intelligence Unit (BFIU), the Criminal Investigation Department (CID) of Police and concerned banks to conduct probe into the scams of Islami Bank Bangladesh Ltd, Social Islami Bank Ltd and First Security Islami Bank and submit reports within four months. That the news is very important for the people of Bangladesh cannot be overestimated.
But we have reservations whether the HC order will bring some lasting and meaningful change to the seriously dented banking sector. The banks are now under political control. When the reports will be submitted by the different authorities as has been ordered by the HC, it will surely be found that the banks were helpless before political pressure from people in government and banks sanctioned money without even necessary documents or collateral. Some directors and high officials must also have taken advantage in this process of looting public money.        
We are doubtful about the following three things that have to be ensured immediately to save public money and make banks trustworthy as financial institutions. The people have lost faith in banks.
Firstly, whether the stupendous sums lifted by the powerful business conglomerate S Alam Group who receives blessings of this government could be recovered at all?
Secondly, could the people responsible in Bangladesh Bank as well as officials of the relevant banks from where money was lifted be punished for the irregularities that took place under their watch?
Thirdly, whether the ubiquitous irregularities in banks in sanctioning loans can be stopped and people's trust on the banks restored?
On Sunday, the Bangladesh Bank has assured the depositors of Islami Bank that their deposited money in the bank is safe and they will get their money as and when they want to withdraw it. But the people are not convinced because under
this government there can be no assurance of anything, because it thrives on dishonesty and corruption.
After the two massive events of share market manipulation and successive scams of both public and private banks one after another for more than a decade, it is too late to make banks responsible. Money making politics has to change.

Add Rate