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Bangladesh to soon set up commission to probe banking sector woes

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Bangladesh to soon set up commission to probe banking sector woes

Bangladesh Finance Minister A.M.A. Muhith said the government will soon set up a commission to investigate causes of the current problems in the country's banking sector, which has been beset by loan scams, The Daily Star reported May 28.

Muhith said the country's banking sector has seen significant growth since the formation of the last commission in 2004. He clarified that the commission's proposal will not be added to the upcoming budget but that it will be formed anytime.

The minister's comments came at a time when the banking sector is suffering from loan scams and governance issues.

Meanwhile, Bangladesh Bank, the country's central bank, is in the process of granting licenses to three new commercial banks: Bengal Bank, People's Bank and Community Bank Bangladesh, the publication reported May 29, citing a central bank official.

The regulator has completed the primary process for issuing licenses to Bengal Bank and People's Bank, while the process for Community Bank Bangladesh is under consideration.