Mistrust towards banks an 'ominous sign'

A slight mistrust towards the country's banking sector has recently emerged in people's minds, which is an “ominous sign” for banks, said Bangladesh Bank Governor Fazle Kabir yesterday.

The banks have to take appropriate measures to ensure corporate governance in the sector in a bid to resolve the problem, he said.

Kabir was addressing a conference titled “Prevention of money laundering and terrorist financing” jointly orgnised by the Association of Bankers, Bangladesh (ABB) and the Association of Anti-Money Laundering Compliance Officers of Banks in Bangladesh at Pan Pacific Sonargaon Dhaka.

The country's exports have not increased in comparison to higher imports of industrial raw materials, he said, asking bankers to follow a cautious policy.

Mobile financial services have been playing a key role in expediting the country's financial inclusion but simultaneously the service is being misused, Kabir said.

Bangladesh Bank Deputy Governor Abu Hena Mohd Razee Hasan, Bangladesh Financial Intelligence Unit Adviser Deb Prasad Debnath and ABB Chairman Syed Mahbubur Rahman also spoke among others.