Looting rampant in banking sector

Social Welfare Minister Rashed Khan Menon came down heavily Monday on Finance Minister AMA Muhith for giving undue facilities to the banking sector that ultimately goes in favour of the owners of the banks, reports UNB.

"Banks owners got the highest facilities in the budget, but indiscriminate looting, loan defaulting and siphoning of money are going on in the banking sector," he said.

Menon said this while taking part in the discussion of the budget for the coming 2018-19 fiscal in the Jatiya Sangsad.

The Workers Party chief said due to the dilapidated banking sector people of the country are suffering a lot. "The capital deficit in the banking sector is being filled with the tax money from the common people, the corporate tax of the banks has been proposed to be reduced," he said.

He said recently the government has amended the banking law to place the banking sector under clutch of family ownership.

"These banks owners are the owners of garments, insurance companies and real estates," he said.

Menon mentioned that Bangabandhu never bowed down to the 22 families during Pakistan regime. "But now Bankers Association is fixing what will be the CRR rate, lending rate, deposit rate. Finance Ministry and Bangladesh Bank now appear powerless," he said.