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Bank for Expatriates and Repatriates

Unless the corruption in the banking sector can be comprehensively removed, the expatriates who are not only sending foreign exchanges to the country, rather saving food for lakhs of their countrymen and also making room for employment at home in their (expatriates’) places, who balanced the trade gap ofTk 439.64 billion in the nation's critical juncture, who brought home Tk 89 crore till 1989, who are keen to eradicate the unemployment problem will not dare repose confidence in any Bangladeshi bank.

by SA Hussain
THE country's banking sector fell victim la free-style nruincial mts-maniqtcmcnt. The Islamic Cooperative Bank started becoming weaker and weaker and finally its operation was suspended. Then came BCCI (Bank of Credit and Commerce International) scandal. The shockwave swept across the length and breadth of a good number of countries, including Bangladesh. The direct effect of It was felt by the depositors and the employees of this bank. Indirectly, however, H rocked the economy of Bangladesh. Next came BCI (Bangladesh Commerce and Investment Ltd). The director* of BCI went Into hiding, while the managing director has been sent lo detention. Im-gu tartly and corruption has also plagued the NCL (National Credit Lid) and Al-Barakn Bank
The closure of the Islamic Commercial Co-operative Bank could not draw the attention of the public so much. The collapse of the BCCI drew the at tention of the general mass. With the chaos in and closure of the BCI (Bangladesh Commerce & Investment Ltd) the broader circle of people became alarmed. With the news of frec-stylc mismanagement. Irregularity, corruption and plundering in the NCL and Al Baraka Bank, the faith and confidence of the people in other nationalised banks were also seriously shaken. An overwhelming number of the people arc losing confidence in the banking management of the country.
To add to the alarm, due to violation of the Foreign Exchange Act (1947), the country Is being deprived of billions of dollars in foreign remittances every year. According to newspaper reports, a wcll-or gantsed gang composed of some employees of foreign cx-
chnnge dealing banka, trade Unionists, agents of this black
die* etc is Indicting a colossal loss to the country. In view of the above facts, question arises about the role of the Bangladesh Bank tn managing and controlling the banks. Insurance*. foreign exchange etc. After so many financial scandals. the genera) manager, banking control division of Bangladesh Bank (Mr Sultan Mollnh) filed a petition lo the Chief Metropolitan Magistrate, Dhaka in this regard. Now the Bangladesh Bank is trying for a curative measure. Why the pre ven live major was not drawn at
the initial stage when scandals starting with the Islamic Cooperative Bank came to light?
I lundreds of crores of taka have been advanced as loan to the parlies who served the Interest of the bank officials. It has now turned to be bad Ioans. These loans amounting crores of Taka were not approved in a single day or by a single person. Bangladesh Bank has floated the list of bank loan defaulters. What was Its duty during the process of sanctioning these loans? Under the democratic government, there should be transparency and accountability In the administration. There is legitimate share of the country's poor man in each Taka of these uncollected debts/loans. A handful of corrupted bank officials are getting beefy over tnght. enabling the blood suckers in building their heaven on the earth. Both the
group* are jointly turning the society ethically and economi rally lame and bankrupt
In advanced countries ihc war criminal* are being picked up even after 40 lo 50 years of committing the crime for punishment. These corrupt people of our country who arc engaged in destroying the country economically and morally arc no les* criminal. They also deserve lo be ruth lessly punished. This is the lime to create awareness about crimes and criminals. Only seminars, symposiums, work shops and foreign aids will be
of no help. The criminals should be meted out the severest of punishment.
Unless the corruption tn the banking sector can be comprehensively removed, the expairfates who arc not only sending’ foreign exchanges lo the country, rather saving food for lakhs of their countrymen and also making room for employment at home tn Ihclr (expatriates') places, who bal nnccd the trade gap of Tk 439.64 billion in the nation's critical Juncture, who brought home Tk 89 crore till 1989, who are keen to eradicate the unemployment problem will not dare repose confidence tn any Bangladeshi bank. The expatriates will prefer to have their deposits with foreign banks at home and abroad, as an alternative safety precaution. That will be a heavy blow to the economy of the country. To save the situation, estab
Itshment of a separate bank for this group of people deserves consideration. Both expatriale* and repatriates ought to be the beneficiaries of such a bank to be preferably titled a* 'Expatriate-Repatriate Bank* and run by Probashl-O ITottyagolo Kollyan Shangho. The significant fruits of catab-Itshmenl of such a bank will
I Since (a) thia bank will be run by the professional members of the Probasht-O-Prollyagoto Kollyan Shangho, Reg No Dha-02219', people involved tn It with a stake of their own will utilize and exert maximum devotion, sincerity
and hard labour in running their own bank. There will be hardly any scope of It* getting stumbled down at any stage. Rather. 1t is expected to nourish by leaps and bound*.
2. For running thi* bank by the people of their own feather and with required qualities, the people of this community will naturally develop extraordinary attachment and confidence lo and tn this bank. A* a result, the amount of deposit of foreign exchange with thl* bank will,Increase.
3 Through this safe and productive bank the expatriates and repatriates will be able to get rid of the redtapism and left-hand naxrana in conveniently investing in their cherished field of industry, agriculture, cooperative, trade etc.
4. Helping and encouraging through this bank the nour-
ishment of Industry, agrleul hire, cooperative and trade, broader avenue* of employment opportunities will be opened.
5. The government ha* declared a number of extra for I title* to attract foreign investment In Bangladesh Yet II Is not posslbk- to hold hundred percent fund of Investment In Bangladesh. The expatriates and repatriates can guarantee 100 percent rolling of invested money tn Bangladesh And thal Is possible through this bank.
6. As per the Instruction and advice of the government and the Shangho. expatriate* and repatriates will de poslt/lransact with the 'Expatriate-Repatriate Bank.* Through thi* system II will be easier lo maintain correct ac-count of expatriates and repn triate*
7. Maintaining deposit and transartton with this bank, the people of this groups will be able lo escape the trap of fraud* and cheat* in Investing and running the produrt1v< activities
8. In the second phase, the horizon of this bank will be expanded to cover other member* of the society also for their dependable transnr tton/lnvestment facilities That will further enlarge the scope of Industries, agriculture, cooperative and trade. Thl* I* another name of expanding the sr-opc of employment and de vetoping the socio-economic structure.
9. The operation of tht* bank with sincerity, devotion hardworking of the expen cored professionals will act as a model for other banks In all respects, which is ihc social service In another shape.
Sooner this banking project materialises, the belter for these people and for the nn Hon as a whole.