Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Tuesday, August 21, 2018 08:06:36 AM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

Public banks seems to have become adapted to loan scams

By
08th-Feb-2018       
Comments
Share your thought
Post a comment »
Read all () »

ANOTHER big scale loan scam has brought the state-run Janata Bank under scrutiny. This time the amount of scam is a staggering 5,504 crore Taka. According to the public bank's loan sanctioning stages there are at least five layers of scrutiny. But in case of Anon Tex Group, all of these layers seemed to have been ineffectual. Had the five layers of enquiry been properly followed - the apparel exporter could not have been able to take out loans - despite failing to pay back its previous loans. Moreover, Janata Bank's loans to the group of companies accounted for more than 25 percent of the state-owned bank's capital base, which was in violation of the single borrower exposure limit set in the Bank Company Act 1991.
The group, reportedly has an annual turnover of $150 million, has failed to make regular installment payments while leaving Janata Bank with a massive hole in its capital base. The loans were disbursed between 2010 and 2015 from the state-owned bank's corporate branch.
What we now witness is - it isn't only the board of directors and the top management who are responsible for disbursement of huge amounts of loans - the entire management of at least one our  state-run banks is in some capacity involved in the scams. This has happened because of zero accountability in our banking sector. Especially, in the case of Janata Bank it appears the entire bank was involved in the latest scam. The former chairman of Janata Bank, also a noted professor of economics is reported to have said to journalists that the group had set up industrial units following 'European standards' and its loan repayment was 'very good' during his stint as the chairman. Interestingly it was during his time when most of the loans were sanctioned.
Whoever the Chairman, MD or the directors of Janata Bank- none can escape their responsibilities. Also the culture of blame game and mudslinging will do us no good. A prompt and in-depth investigation must dig out the truth and should send all of the offenders behind bars. We don't want our banks to become hostages to dubious businessmen.

Tariff
Add Rate

News Archive

Inside The New Nation

Editorial »

Eid Mubarak


THE rituals of the annual congregation of Muslims in the holiest city Mecca to perform the religious obligatory have begun with devotion, piety, and cheer that ended into Eid-ul-Azha. The Eid comes to the life of 1.5 billion adherents of Islam when a majority of the followers are undergoing political ...

Sports »

Djokovic wins Cincy title to complete Masters matched set


AFP, Cincinnati :Novak Djokovic ended a career-long jinx, lifting the trophy in Cincinnati at last to complete a matched set of Masters 1000 titles.Djokovic, who came up empty in five prior Cincinnati finals, defeated seven-time winner Roger Federer 6-4, 6-4 in the final.The former world number one became the first ...

Entertainment »

Rawnak and Urmila in play ‘Boro Bol Chhoto Bol’ on Channel i at 7:50pm before Eid day


.

City »

Law enforcers seen to cheque documents of the motorized vehicles to ensure safe road. The snap was taken from in front of the city's Rajdhani Super Market on Monday.


.

International »

Indians begin massive cleanup as rains diminish in Kerala


Reuters, Kochi :Indian health authorities prepared defenses against the spread of disease in flood-hit Kerala state on Monday as water receded and a huge clean-up gathered pace after the worst floods in a century killed more than 200 people.Incessant rain since Aug. 8 in the southern state has swelled rivers ...

Editorial »

Growing violence in hills: No serious investigation into the killings


Seven people, including three leaders of United People's Democratic Front (UPDF), were killed and six others injured in two gun attacks in Khagrachhari town on Saturday. With these, 33 people have so far been killed in violence in Rangamati and Khagrachhari this year. The UPDF alleged that it was a ...

Football »

Messi, Coutinho get Barcelona off to winning start


AFP, Madrid :Two goals from Lionel Messi either side of a Philippe Coutinho strike allowed Barcelona to start their defence of the Spanish title with a 3-0 win over Alaves at the Camp Nou on Saturday night.Wearing the captain's armband following the departure of Andres Iniesta to Japan, Messi stepped ...

Entertainment »

I like to do something that challenges me: Jennifer Winget


Bepannaah actress Jennifer Winget likes to challenge herself with each of her projects. “I like to do something that challenges me. I like to do something different from my previous characters,” Jennifer told IANS. “I have been fortunate enough to be offered characters and projects that challenge me and that ...

City »

Dhaka South City Corporation (DSCC) Mayor Sayeed Khokon speaking at a gathering of cleaners on quick disposal of wastes of sacrificial animals yesterday.


.

International »

Russian President Putin steals the show at Austrian FM`s wedding


Reuters, Vienna :Russian President Vladimir Putin danced arm-in-arm with Austria's foreign minister Karin Kneissl at her wedding on Saturday, after receiving an invitation that opposition critics said undermined the West's stance against Moscow.Mr Putin arrived in a car carrying a bouquet of flowers and accompanied, local media said, by a ...

Editorial »

Sanctions by USA and European Union are welcome but more effective measures will be needed


IN the latest development, the US Treasury on Friday slapped sanctions on four Myanmar military and police commanders and two army units for involvement in "ethnic cleansing" and other human rights abuses against the country's Rohingya minority. In response to Myanmar's crackdown on the Rohingyas, the sanctions are so far ...

Sports »

Bolt arrives in Australia on football quest


Usain Bolt says he's deadly serious about becoming a professional footballer and plans to show the world what he's capable of after arriving in Australia Saturday for a trial stint with an A-League club.The superstar athlete has been given the chance to prove his worth by the Central Coast Mariners, ...

Entertainment »

Sonali Bendre`s son posts an emotional message


Family and close friends of Bollywood actress Sonali Bendre have come out as the biggest support in her journey of fighting cancer. The actress who has been diagnosed with high-grade cancer is undergoing her treatment in New York. Being a true fighter, Sonali has not shied away from sharing her ...

Entertainment »

Poet Shamsur Rahman's 12th death anniversary observed


Entertainment Desk : The 12th death anniversary of Shamsur Rahman, one of the major poets in modern Bengali literature, was observed on Friday in a befitting manner.Marking the anniversary, different socio-cultural organisations placed wreaths at the grave of the poet at Banani graveyard and arranged Doa Mahfil.Jatiya Kabita Parishad and Kabi ...

City »

BNP Vice-Chairman Advocate Khondkar Mahbub Hossain speaking at a discussion on 'Next National Election Under Interrogation Without Reform of Election Commission' organised by 'Chetona Bangladesh' at the Jatiya Press Club on Saturday.


 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news