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That Wahiduddin Mahmud wrote something about the committee and banking sector report on Facebook on Wednesday. Attaching a photo of the 1999 report, he wrote: “A former student of mine who worked at the Bangladesh Bank took this photo and sent it to me saying that the report is kept in the bank’s library and that he has benefited greatly from reading it because, according to him, it contains all the instructions for banking reform. “
Wahiduddin Mahmud, however, wrote that he was somewhat disappointed with the implementation of the Banking Reform Committee report. In his words, some of the recommendations in this report were once implemented as a regulation issued by the Bank of Bangladesh, but they were no longer effective because they were not subsequently converted into banking law. On the contrary, the relaxation of the restrictions of the Banking Law has further increased the possibilities of irregularities. In addition, he wrote: “Most importantly, the report of reforms made with so much organization and hard work will not benefit from being archived in the library if it is not implemented.
The reform committee worked for about three years. What is the experience of that job? Wahiduddin Mahmud shared at least one experience. He wrote: “I remember when I started working on this reform committee in the late 1990s, I asked at a bank owners ‘association meeting:’ You have invested in the private sector banking business for profit. In response, the president of the organization summed up what he said: Don’t pretend to be a fool, I have given you the bank at a much higher cost than the capital; Now I will not take at least a part of that bank deposit for myself, what happens? Then, Wahiduddin Mahmud wrote: “At that time, a third of the total deposits of private sector banks were loans taken by entrepreneur-managers, most of which were delinquent.”
