TIB for formation of neutral commission for banking sector reform

Transparency International of Bangladesh (TIB) on Thursday recommended formation of an independent and neutral commission for the reform of banking sector 'riddled with corruption and irregularities'.

Citing the decision of forming a banking commission as a positive move, TIB executive director Iftekharuzzaman, in a press release, said the formation of a commission under Bangladesh Bank will be pointless.

"According to media reports, the government is going to form a commission under Bangladesh Bank for the banking sector reform. This is a positive move but forming a commission under Bangladesh Bank will be meaningless...," he said adding that the central bank failed to play an effective role as the regulator of the banking sector which is on 'the verge of extinction'.

If the commission is formed under Bangladesh Bank, it will create conflict of interests and hamper the objective, he added.

The TIB executive director urged the government to form an independent commission with renowned and acceptable experts in banking sectors who will place short-, middle- and long-term recommendations for the sector staying above all influences.

"We strongly believe that the government will realise the importance of the situation and form a neutral and independent commission as soon as possible," he added.