Taskforce will work mainly on 3 issues. Determining damage, identify assets of the banks and then work to recover it
A few days ago, Bangladesh Bank formed a six-member taskforce led by the governor to reform the country's banking sector. Since forming the taskforce, two meetings have already been held.
From those meetings, method including details of work process of the taskforce was known. Those meetings also presented some work of the newly formed taskforce.
It was known that some foreign inspectors have been appointed in the taskforce. In the first phase, action will be taken after determining the assets of three banks including Islami Bank. In the second and third phases, this program will be run in three more banks.
Bangladesh Bank Governor Dr Ahsan H Mansur said in the meeting that was held recently that the taskforce will work mainly on three issues. First, it will determine the damaged assets of the banks. Then identify where the assets of the banks are. It will work to recover those assets. In the first phase, 14 officials from Bangladesh Bank have been divided into three parts. Of these, four officers will work in two groups. There are 6 people in the other group. In this case, 6 officials will be in charge of the inspection as Islami Bank is a big bank. Besides, audit firms and foreign auditors will be added. Development partners will provide this money.
Meanwhile, Bangladesh Bank has formed a taskforce to reform the banking sector. Six people with experience in the financial sector have been made members of the committee. Bangladesh Bank Governor Ahsan H Mansur will coordinate the taskforce. The taskforce will publish a white paper along with taking various steps to reform the banking sector.
The taskforce will assess the current financial situation, bad assets, major risks of the banking sector mainly to maintain financial stability. In addition, it will conduct activities related to reviewing the financial indicators of weak banks, determining the actual status of loans, assessing the lack of security reserves, reviewing the liquidity situation, determining the net capital, determining the real value of assets, segregation of bad assets of the concerned banks.
After the fall of the Awami League government, the interim government announced the formation of a bank commission to reform the banking sector. However, the government has now formed a taskforce. Officials said the World Bank and the Asian Development Bank (ADB) are providing loans to reform the banking sector. The loan will also be used for the modernization and capacity building of Bangladesh Bank. For this, Bangladesh Bank is taking a new project. Besides, assistance has also been assured from the International Monetary Fund (IMF).
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