Menon slams banking sector turmoil

20 June, 2019 12:00 AM printer

Though Bangladesh has made a good progress on economic front, the crisis in the economic sector remains to be a barrier to its way to further development, Workers Party chief Rashed Khan Menon said on Wednesday.

"No one is unaware about looting in the banking sector, anarchy and indiscipline," he said taking part in the general discussion on the budget for 2019-20 fiscal in Parliament, reports UNB.

Menon said the banks now have hunchbacked due to the huge default loans as the liquidity crisis prevails.

"In the budget this year, an allocation has been made to mitigate the capital deficit from taxpayers' money," he said.

About the central bank's role, the former minister said it has failed to play an effective role in monitoring the banks. "They couldn't manage their own money...the people of the country didn't find any accountability in this regard."