Not one single group responsible for banking sector failure: BB governor

The failure in the banking sector cannot be attributed to a single group alone, as responsibility lies, to varying degrees, with everyone involved, said Bangladesh Bank Governor Ahsan H Mansur.

He made the remark while inaugurating the Golden Jubilee Celebration of the Bangladesh Institute of Bank Management (BIBM) in the capital today.

Speaking at an event, the governor highlighted both the achievements and shortcomings of the sector.

He said, "The banking sector of Bangladesh has progressed a lot. There is no doubt about it. On the other hand, it must also be said that despite our achievements, there are many failures in terms of how far the banking sector could have progressed or how far the entire financial sector could have progressed."

He, however, said no single group can be solely blamed for these failures.

"We all might have worked on it [financial sector] differently from our own positions. We all might have worked with integrity. Maybe there was a deviation or not. We have to do this self-analysis," he added.

Expressing optimism about the sector's future, the governor said, "The banking sector will recover swiftly and continue to grow. However, ensuring the protection of depositors and investors will be critical to achieving sustainable development in this industry."

He also hoped that the financial institutions will play a stronger role in financing the non-conventional and new sectors.

The governor, also the BIBM Governing Board chairman, asked the BIBM to work on the banking sector's new challenges like climate financing, green financing, developments in the financial sectors and technological innovations.

Noting that such institutions are very necessary for the development of the banking sector, he said BIBM has been able to play an important role in building human resources in this sector.

BIBM Director General Md Akhtaruzzaman chaired the inaugural session, while Association of Bankers Bangladesh (ABB) Vice Chairman and City Bank Managing Director SM Mashrur Arefin, Chair of the Organising Committee Shah Md Ahsan Habib and its member secretary Mohammad Tazul Islam spoke on the occasion.