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Saifur opens Dhaka Bank

'Consumers deprived despite tax relief

By Staff Correspondent
Finance Minister M Saifur Rahman has expressed dissatisfaction that the private sector was not responding in favour of the commonman after the reduction of taxes announced in the current
-J’UdfiSt,_ .
"It hurts me that the consumers have been deprived of the benefit of the government offered largescale tax relief due to non-response of the private sector," he said.
The finance minister was Speaking as a chief guest at fhe laurfching ceremony of the Dhaka Bank Limited, third private sector bank out of seven permitted during his tenure, in die capital yesterday.
Urging the banking sector to be selective and progressive in disbursing credit, the minister said, "Credit is an in- herent right of the people and ought to he used be the right person for the right purpose."
I really wonder why the banks are maintaining higher lending rates when the government has reduced the bank rate^he.said adding 'There are certainly ways to lower the lending rates."
The launching ceremony was also addressed by Jute Minister Hannan Shan and Bangladesh Bank Governor Khorshcd Alam. Chairman of the new bank Abdul Hai Sarker was in the chair and its managing director Ashfaq U Chowdhury gave the vote of thanks.
The Dhaka Bank has an authorised capital of Tk 100 crore. The paid up capital is Tk 20 crore, of which Tk 10 crore has been subscribed by its 21 sponsors while the rest will be floated for public sub scription.
The finance minister said the private sector no longer means a careless private sector of the past century, rather, it is now a sector which has respect for the people.
"When there is a rise in tax, prices immediately go up. But the traders do not react when tax is reduced " he said.
Referring to idle money and bad debt, the minister said, despite all the efforts made by his ministry, to streamline the banking sector, the outcome is disappointing.
"People, journalists and parliamentarians still question the discipline in the banking sector." and they do it rightly he added.
He advocated "equity and justice" in a free economy. Otherwise, he cautioned, "Social tension would eat into the vitals of the macro economic stability that has been established"
The minister also stressed increased investment in pro employment sectors which in turn eliminate poverty
Saifur Rahman said that the Dhaka Bank and other private sector banks should expand their lending operations in rural employment generating sectors and thereby help promote eco nomic growth.
Hannan Shah said the present government has given top priority to the growth of the private sector lor rapid development of the economy.
Khorshed Alam urged the management of the Dhaka Bank to respect the rules and regulations set by the centtai bank.
"Dhaka Bank is confident of meeting the needs of today and is prepared to face the challenges of the 21st cen turyj” said Abdul Hai Sarker remark.