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Download PDF The Bangladesh Bank (BB) has advised all commercial banks to consider the criminal cases against businessmen objectively allowing their firms to carry out banking transactions smoothly.
On instructions from the caretaker government, the central bank yesterday issued a circular to that effect.
It said, “With regard to loan classification, new loan issuance and opening of LC (letter of credit), the banks should consider the criminal cases objectively, not subjectively.”
To establish the rule of law, it is necessary to take action against the persons standing accused of corruption, tax evasion and other offences but at the same time production and operations of the business houses belonging to the accused must not be disrupted, it noted.
Business organisations and persons should be treated separately in terms of banking activities, it said adding that the financial institutions should continue the bank-customer relationship irrespective of charges against the business owners.
The circular said the ongoing drive against corruption has already seen a number of businessmen detained while many others have gone into hiding for fear of being captured.
There are reports that their organisations have been facing difficulties in banking transactions meaning adverse effects on the overall business activities.
In these circumstances, there is a possibility that product supply to the local market might be hampered. Besides, employees of the affected organisations might lose jobs and the government’s targeted revenues from these businesses come down drastically.
The anti-graft measures seem to have caused unfounded fears and lack of confidence among the business community. It all could leave a negative impact on the country’s economy, the circular observed citing media reports and views of the economists.
The central bank has come up with the instructions for the banks, taking into account these serious implications for the economic growth.
Talking to the journalists, BB Executive Director Murshid Kuli Khan yesterday said they have issued the circular to ensure that firms of the detained businessmen can operate normally under their management committees or boards.
The BB hopes that the scheduled blanks will support the companies in dire straits.
Aminur Rahman, managing director of Sonali Bank, said, “We will extend all facilities to them in line with the banking rules and regulations.”
“We will be sympathetic to them considering the situation they are in,” he added.
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