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Plight of Morals and Materials in Banking

by Shaj
***From the early ’50s, with the growth of banking in the eastern wing of Pakistan, people were feverish towards this industry sponsored by the financial wizards of West Pakistan.
THE Banking edifice I* based on the structure of human materials called the bankers. Bankers pride, power and privilege were once, as secured as their vaults They. Infact, wielded respect and trust of all in the society. By all standard, bankers were. then, const dered to be the nicest and smartest human elements serving their customers and thereby the society. One was to be amazed and moved with the effervescent behaviour-pattern and operational efficiency of the bankers.
But alas I all that was gradu ally eclipsed with the sun rising in the Eastern Horizon. The Monster1 grabbed lire entire society with its sharp claws. An ominous star travelled through the peaceful and flourishing domain of all sectors of life-public as well as private. So it happened with the banking sector as well. Bankers began to be mired with swarm of controvers and their Integrity was being questioned. People who once accorded them blind trust began to raise their eye-brow In the name of banks and bankers. But why?
The reasons are not (ar to seek. Moral degradation is the cause and that too is the cumulative effect of some other factors arising out of socto-politlco-economlc scenario of the society. Plato said. The state does not originate from an oak or a rock: but from the character of people who dwell in If The character Is nothing but the sense of values in life. Now if these values of life are lost the character is lost. In a society of lost character, everything is lost
The sequence of facts over the past two decades presents a dismal look. Though it is most unfortunate for the nation, it is a fact that the character of the nation has been lost to a great extent This. In turn, ha* had II* alarming adverse effect* on all aspects of life, and the banking Is no exception
From the early 50s. with the growth of banking In lite eastern wing of Pakistan pro ewe re by an large feverish this industry to be *pon •ored by the financial wizard* of West Pakistan
But the fact remained that 90% of the employee* were the sons of the soil Many local educated boy* were shaping well with the progressive growth of such banks, yel many others were disgruntled and discarded They had been fostering hatred and contempt against the management This had its manifestation Immedi ately after the country was made free from the yoke of the West Pakistani rule
With the emergence of Bangladesh as an Independent sovereign state, a few hundred branches of Karachi-based banks, had also severed their all links with their Head Offices. Their assets and liabilities turned to be the assets and liabilities of Bangladesh
But the disgruntled elements in banking sector con tinued to consider these banks to be the proteges of their counterparts in Pakistan. They could not therefore, shake off their psychological barrier and treat these banks as the national assets of Bangladesh. This ill feeling spurred by the socio-political anomaly, lack of accountability and above all unscrupulous activities gave rise to omlnou* Indiscipline The wind of indiscipline, won turned Into a storm of unrest with the Induction of politics Into baking
The new entrant* recruited on consideration* otjicr than professional did not Imblbe them with I he banking spirit Nor were they Inclined to re eetve proper training In thetr respective job* Mo»l of them preferred to swim with the tide and the time. Thu*, emerged a bizarre situation In the banking arena, which. In turn, gave rise to greed for material possession and prosperity. In the process, the lone causality was the honesty which was so carefully being fostered and hitherto being held atop. Il is needless to mention that banking is woven with the high quality fabrics called honesty. Once it cracks, it crumbles. With the breach of moral fibre, the disease as-sumed a contagious one There was. thus, the unbridled growth of indiscipline, chaos and confusion. Persons who once carried the symbol of pride and prestige became the silent spectators of the mad race for highflying life style. Others were saddled with undue pleasure and prosperity.
The situation at one point of lime came to such a pass that to miss the bus was considered to be the. stupidity. Incidents of cash-defalcation, fraudulent withdrawal of cash from dormant accounts, non-deposit of cash to depositors account, fraudulent use of import, export licence* of non-focal deserter*. so and so forth be came the peculiar phenomenon. although these were bey oral anybody* comprvhen ston during the good old day* of banking
This wa* how. the self seeker* were destroying the national wealth, resource* and the ln*tllutton* at a time when II wa* Imperative for all to rise to the occasion and reap lite maximum benefit of the nationalisation. Rather most of them lost their interest in the profession inasmuch-** incentives in cash and kind were discontinued. Commercial banks were, infact, cohverted into Government department* with all vice* and virtue*.
Incidentally, to ctanbat the menace there was no competent machinery In these Institution*. A* a matter of fact, the centra] management of al) these banks wa* based In Karachi, only a liaison office called Zonal Office was there in Dhaka. The Zonal Management, with the exodus of non-local senior banker*, could not accommodate the proliferation in the industry and cope with the gigantic requirement as emerged with the emergence of the new state. This resulted in poor management and sluggish activity In banking arena, which. In turn, adversely effected banking In particular and economy in general.
Even after two decades, banks and bankers are beset with multiple problems arising out of legacy of the past anomaly. To overcome the morass bankers need to be absolutely professionals, customers perfect in their dealings and the authority watchful and effective. In other words, it is the corporate responsibility of all who matter, to ensure that moss does not gather on this prestigious edifice.