12:00 AM, September 01, 2018 / LAST MODIFIED: 12:00 AM, September 01, 2018

Banking sector mess!

Recent reports in some of the leading newspapers of our country, including The Daily Star, has revealed what has been suspected all along in regards to the banking sector. That a handful of individuals who become shareholders and directors of banks borrow money from each other's banks, causing all kinds of problems in the sector, primarily in the absence of any proper oversight.

Now how is that possible? There can only be one explanation—that these individuals are backed by politically powerful people, hence, regulators are left powerless to do anything against them, including preventing them from “looting” the banks, as one minister once said.

A country's banking sector cannot operate like this for long. Neither can its economy function without running into one form of problem or another, because of such corruption.

I hope those responsible for creating such a situation recognises this, and I also hope that they, along with regulators and others realises where we are ultimately heading because of the lack of morality and courage displayed, which are the real reasons why we are now, perhaps, on the brink of a real disaster.