Security in banking sector must be ensure to rebuild economy
Despite banks reopening their doors, a day after Prime Minister Sheikh Hasina’s resignation, the financial sector is grappling with the aftermath of widespread unrest.
Security concerns have significantly hampered operations, with many banks limiting services and closing branches in high-risk areas due to the absence of law enforcement.
The ongoing political turmoil, marked by violent clashes and arson attacks, has created a climate of fear among both banks and customers. The lack of police presence has exacerbated the situation, forcing banks to prioritize the safety of their staff and clients.
Naser EzazBijoy, chief executive officer of Standard Chartered Bangladesh, said they have taken this decision to ensure the safety of our clients and colleagues amid security concerns due to the absence of law enforcement agencies. The bank operated only four out of 18 branches nationwide due to security assessments.
Similar challenges were faced by other banks, including limited cash availability at ATMs due to supply chain disruptions. Customers reported difficulties in accessing their funds, adding to the overall frustration caused by the prevailing circumstances.
The Association of Bankers Bangladesh (ABB) has urged banks to conduct risk assessments and operate accordingly. While the situation is expected to improve as normalcy gradually returns, the immediate impact on the banking sector is undeniable.
As the country navigates through this period of uncertainty, it is imperative for the interim government to prioritize the restoration of law and order. The swift deployment of security forces to critical areas is essential to instill confidence among the public and allow businesses, including banks, to operate without fear.
The government must work towards creating a conducive environment for dialogue and reconciliation to address the underlying issues that have led to the ongoing unrest.
Only through a concerted effort to restore peace and stability can Bangladesh overcome these challenges and rebuild its economy.
