Country has too many banks, FIs: Muhith

The number of banks and financial institutions in the country is too high, which needs to be trimmed down, finance minister AMA Muhith said on Wednesday.

"(There are) too many banks and too many financial institutions. A consolidation of them may be needed," the minister told newsmen after a meeting of the cabinet committee on public procurement at the Secretariat.

He came up with the remarks while replying to a query regarding the comments made by experts and commoners on the banking sector.

Presently, some 58 scheduled banks and 34 non-bank financial intuitions (FI) are operating in the country.

Mr Muhith said that in a write-up for his successor, he would primarily focus on the

banking sector reforms and, secondarily, on the reforms of the financial institutions.

He, however, is yet to start writing the article and it would not be a 'secret' one, he added.

Replying to a query, the minister said the poll-time government may be formed this month and he would remain as a member of the government.

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