Banks need ‘blockchain’ technology: Finance minister

Published: March 13, 2019 20:13:15 | Updated: March 14, 2019 18:37:49


Photo: Collected

Finance Minister AHM Mustafa Kamal has asked the banks to introduce the ‘blockchain’ technology for reducing operating costs and ensuring security.

“We know that automation is essential. The latest technology in the banking sector is ‘blockchain’. We will have to introduce a comprehensive system instead of small technologies,” he said.

The minister came up with the remarks while addressing the ‘Janata Bank Annual Conference-2019’ at the Krishibid Institute Auditorium in Dhaka on Wednesday, reports BSS.

Blockchain is a technology that resembles a large accounting ledger allowing all kinds of data and transactions (for example on shares or even insurance policies) to be secured, stored and transferred.

For ensuring transparency and integrity, Kamal said, banks will have to introduce internal control system through which it is easy to identify any mistake and irregularities.

He said the government is going to arrange special audit in all banks and financial institutions for ensuring transparency and integrity in the financial sector.

“We are working to arrange special audit for all banks and financial institutions. I am pro-private sector and pro-growth. I believe in development, poverty alleviation and economic equality,” he added.

The finance minister expressed his high hope that the GDP growth rate in the current fiscal 2018-19 will reach 8.25 per cent.

“The ongoing GDP growth rate for the fiscal (FY19) is around 8.11 per cent. We have two or three months more and we cannot collect some components. So, I think, at the end of this fiscal, the growth will be 8.15 to 8.25 per cent. The GDP growth will double within the next five years,” he added.

Referring to the huge development of Bangladesh, Kamal said, the country has become an example of development under the leadership of Prime Minister Sheikh Hasina.

“Earlier, Bangladesh was an example of poverty, but now it is an example of development,” he added.

The finance minister said the government is showing zero tolerance against corruption as per its election manifesto.

“We will take strict actions against the immoral businessmen. We will give supports to the honest businessmen through the fiscal policy and the monetary policy,” he added.

Bangladesh Bank Governor Fazle Kabir and Financial Institutions Division Secretary M Ashadul Islam were present as special guests while Chairman of the Janata Bank Board of Directors Luna Shamsuddoha was in the chair.

Janata Bank Managing Director and Chief Executive Officer Abdus Salam Azad delivered the welcome speech.

Fazle Kabir asked the banks to show their real amount of default loans and provide all sorts of supports to the special auditors to accelerate the default loan collection process.

Among others, board members and senior officials of the banks were present at the function.

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