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Monday | October 12, 2026 | Dhaka
Rebuilding Banking Sector

Tk 60,000cr annually needed for 5-8 years: BB governor

The yearly opportunity cost of the financial drain, the money could support 2 crore families or financed two mega infrastructure projects similar to the Padma Bridge
 Business Report
 Published: 12:01 AM, 11 October 2026  Updated: 10:56 PM, 10 October 2026
ONE Bank PLC, in partnership with United International University (UIU), launches Bangla QR at the UIU campus on Saturday to promote convenient and interoperable digital payments among students and the university community. The event was attended by more than 400 students and was joined by the Governor of Bangladesh Bank, Md. Mostaqur Rahman, Vice Chancellor of UIU, Md. Abul Kashem Mia, Managing Director of ONE Bank PLC, Muhit Rahman, along with faculty members and senior officials from Bangladesh Bank and ONE Bank.

Bangladesh Bank Governor Md Mostaqur Rahman yesterday said Bangladesh will need to allocate Tk60,000 crore annually from the national budget over the next five to eight years to address losses in the banking sector from massive “financial looting and structural damage”.

“When I took over as governor, one-third of the money had already been stolen,” he said, referring to total loans in the banking sector, at a Bangla QR promotional event organised by ONE Bank at United International University (UIU) on the Saturday.

Highlighting the opportunity cost of the financial drain, the governor said the money could have supported 2 crore families or financed two mega infrastructure projects similar to the Padma Bridge.

Criticising those responsible for the systemic drain on liquidity, he said ordinary terminology failed to convey the gravity of the offence.

“The plundering group looted public money. Calling it simple theft would be an understatement; it was outright plundering,” he said.

The governor said the money would ultimately come from taxpayers, adding that using public funds to cover losses caused by those who looted banks was hampering national development.

The governor said stringent legal action was underway against those involved in financial irregularities and money laundering, with the aim of holding the perpetrators accountable and recovering the assets allegedly plundered.

Responding to a student’s question at the event about difficulties withdrawing money from ATMs and bank branches, Mostaqur said concerns had been raised over withdrawals from Sammilito Islami Bank.
He said Bangladesh Bank had provided full support to the merged bank, enabling it to meet customers’ withdrawal requests.

The governor also said at the Bangla QR promotional event that the government had raised its revenue collection target for FY2026-27 by around Tk2 lakh crore from the previous target, adding that nationwide implementation of Bangla QR could help achieve it.

“Wider use of cashless transactions would improve transparency in business and significantly reduce VAT and tax evasion,” he said.

Bangladesh’s tax-to-GDP ratio is below 7 per cent , but could exceed 10 per cent once Bangla QR is fully implemented, he added.

Mostaqur attributed the low ratio partly to businesses failing to record all transactions, saying QR payments would bring these transactions into the formal accounting system.

The governor said Bangladesh Bank spends around Tk20,000 crore annually on printing banknotes and transporting cash to different banks.

“Wider use of cashless payments and Bangla QR could initially cut these costs by at least 50 per cent , resulting in substantial national savings,” he added.