Mentioning that discipline in banking sector improving gradually, Finance Minister Abul Maal Abdul Muhith on Thursday admitted that the country's banking sector is not completely free from flaws.
The minister also said that government is working effortlessly and took various measures to make country’s banking sector free from flaws completely. But it will more time to execute measures.
AMA Muhith made the statement while responding to a private member resolution on ensuring transparency and accountability in running banks and financial institutions.
Treasury bench MP Israfil Alam placed the private member resolution before the House with Speaker Shirin Sharmin Chaudhury in the chair.
"The banking system is not completely free from flaws. I don't think there is any deficit in [our] efforts to make it free from flaws completely. It'll take more time to execute measures," Muhith said.
Responding to the proposal, the Finance Minister focused on the government's various measures taken to ensure good governance in the financial sector.
"Irregularities and flaws have been prevailing in the sector since the birth of the country and once it had taken a serious turn. The rate of default loan had hit 32 percent. Now it has come down to 11-12 percent," he said.
The government amended the banking law in 2013. "It's a continuous process to ensure good governance in the banking sector."
The Finance Minister requested Israfil Alam to withdraw the proposal and the MP did so.
Israfil, in his resolution, also said they are often embarrassed with problems or criticisms over the financial and banking sector. "It makes us speechless and frustrated as well."
He said the government and parliament are being blamed for the failures in implementing laws and checking such irregularities in the banking sector.
Israfil said the government's successes on economic front have largely been marred due to some irregularities in the banking sector.