Number of banks, FIs much more than required: Muhith

Finance Minister AMA Muhith yesterday admitted that the number of banks and financial institutions have been much higher than the need, reports UNB.

“Both the banks and FIs in the country have been bigger in number. I think, there should be consolidation (of these banks) in this sector,” he said while talking to reporters after a meeting of Cabinet Committee on Public Purchase.

Criticisms are there by economists and experts in the financial sector that many banks and financial institutions are allowed to come into business without assessing their proper need and performance.

The Finance Minister also said he is planning to prepare a report focusing on the future reforms in the banking and financial sector.

“My report will mainly focus on banking reforms. But the report will be elaborated covering the whole financial,” he said.

Muhith, however, said the report will not be a secrete-one as it will be made public through media.

 

Number of banks, FIs much more than required: Muhith

Finance Minister AMA Muhith yesterday admitted that the number of banks and financial institutions have been much higher than the need, reports UNB. Both the banks and FIs in the country have been bigger in number. I think, there should be consolidation (of these banks) in this sector, he said while talking to reporters after a meeting of Cabinet Committee on Public Purchase. Criticisms are there by economists and experts in the financial sector that many banks and financial institutions are allowed to come into business without assessing their proper need and performance. The Finance Minister also said he is planning to prepare a report focusing on the future reforms in the banking and financial sector. My report will mainly focus on banking reforms. But the report will be elaborated covering the whole financial, he said. Muhith, however, said the report will not be a secrete-one as it will be made public through media.