Lack of morality blamed for banking sector irregularities

Lack of morality blamed for banking sector irregularities

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Dhaka – Financial irregularities in the banking sector are increasing due to lack of ethics, according to a research report of Bangladesh Institute of Bank Management (BIBM) released Thursday.The report said about 73 percent of the banker’s ideas are increasing the financial irregularities due to lack of morality in the banking sector.
This was stated in a research report titled ‘Corporate Ethics and Financial Crimes in Banks: Bangladesh Perspective’ released at the BIBM Auditorium at Mirpur.
Deputy Managing Director of Bangladesh Bank Abu Hena Mohamaad Raji Hassan was present as the chief guest in the programme. BIBM director Shah Md. Ahsan Habib presented the research report in the programme.
Reoffering to the research report of BIBM, Director General of BIBM Tawfiq Ahmad Chowdhury said that cases of financial irregularities are increasing due to lack of morality in the banking sector.
There is no punishment against the person involved in irregularities that was mentioned as second major cause of financial irregularities. Other factors include lack of awareness, lack of motivation for morality and low payroll of bankers. BIBM interviewed 200 bankers for this research report.
Bangladesh Bank deputy governor Abu Hena Mohammad Raji Hasan said, banking business is completely dependent on confidence.
“It is difficult to make the banking business when depositors’ confidence crisis starts. Recently there has been a challenge due to the confidence crisis among depositors in a bank,” he added.
Customers did not get their money when they wanted to refund their deposits. This crisis has become a challenge for the management of the bank.
He said, allegations of siphon of money often discuss that take place through import-export. This charge is the highest for import of capital machineries.
“But the information that is being circulated on money laundering is not really true. The amount of money that the Bangladeshi people are supposed to keep in the switch bank will not be too much,” he said.
The report has been submitted to the finance ministry on behalf of the central bank. – Staff Reporter

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