Banking sector to be brought under reform commission Info Minister

The government will bring the banking sector under a reform commission to address longstanding governance weaknesses and restore stability in the financial system, Information Minister Zahir Uddin Swapon said on Sunday.

“When commissions have already been formed to reform the media, administration, and anti-corruption apparatus, why should a sector as vital as banking remain excluded? We will definitely do it,” the minister said.

Minister Swapon made the remarks while addressing a seminar titled “Good Governance in the Banking Sector and the Role of Media” as the chief guest.

Organized by the Economic Reporters’ Forum (ERF), the seminar was held at the ERF office in the capital’s Paltan area.

The minister said good governance in the banking sector cannot be viewed in isolation from the country’s broader political and institutional framework.

“If the state fails to ensure overall good governance, the presence of the media alone will not be enough to bring discipline to the banking sector,” he said.

The minister also alleged that state statistics had been manipulated during the previous administration and used as a political tool.

“There was a time when data and performance indicators were altered to suit political narratives.

The situation had reached a point where authorities were effectively presenting day as night and night as day.”

“Such manipulation of official statistics is impossible without state patronage,” he added.

Referring to the country’s economic evolution, he said the expansion of the private sector was built on the economic liberalisation initiated by the former president, Ziaur Rahman.

The minister also urged policymakers to reduce excessive reliance on banks as the primary source of financing and instead strengthen the capital market.

Speaking at the event, Mamdudur Rashid, Managing Director of United Commercial Bank (UCB), noted that while the banking sector remains a foundation of the country’s socio-economic fabric, prolonged governance deficiencies have plunged it into severe crises. He admitted that UCB is currently experiencing financial stress.

The keynote paper was jointly presented by Obaidullah Roni, Special Correspondent of Samakal, and Sanaullah Sakib, Senior Reporter of Prothom Alo.

Presided over by ERF President Doulot Akter Mala, the event was moderated by the organization’s General Secretary, Abul Kashem.

Bangladesh Bank Deputy Governor Nurun Nahar, Director General of the Bangladesh Institute of Bank Management (BIBM) Md. Ezazul Islam, Chairman of Policy Exchange Bangladesh Masrur Reaz, and former Pro-Vice Chancellor of Dhaka University Sayema Haque Bidisha, among others, spoke as special guests.