Photo: Collected
The banking sector in Bangladesh is currently facing challenges due to the lack of an internet-free banking solution, especially amidst widespread student-led movements across the country. On Thursday, Bangladesh Bank (BB) convened an important meeting with managing directors (MDs) from various banks to address the strategies needed to maintain banking operations in the event of internet disruptions.
This meeting, led by BB Governor Abdur Rouf Talukder at the central bank headquarters, was crucial for ensuring that banking services could continue to function smoothly despite potential connectivity issues.
A significant part of the meeting focused on the recent unrest in the country, which has notably impacted the banking sector. The MDs shared updates regarding the damages and casualties that resulted from these disturbances, revealing that four employees from Dutch-Bangla Bank and Standard Chartered Bank tragically lost their lives during this period of unrest. Fortunately, despite the tragic loss of life, the sector as a whole managed to avoid major asset losses, with reports indicating that only a few ATMs and bank branches sustained minor damage.
In response to these ongoing challenges, Bangladesh Bank is actively exploring alternative arrangements to ensure the continuity of banking services. One of the solutions under consideration is the establishment of dedicated cable lines that can function independently of internet connectivity. This proactive approach illustrates the central bank's commitment to maintaining the stability and reliability of banking services in an increasingly unpredictable environment.
Representatives from several key banks, including Sonali Bank, Dutch-Bangla Bank, The City Bank, Eastern Bank, Mutual Trust Bank, BRAC Bank, Bank Asia, Prime Bank, and Trust Bank, were present at the meeting. Following the discussions, Selim RF Hussain, chairman of the Association of Bankers Bangladesh (ABB) and MD of BRAC Bank, addressed reporters. He emphasized that the sector had not suffered significant losses this time, highlighting the importance of the ongoing discussions aimed at developing a banking framework that does not rely on the internet.
This collective effort by the banking community underscores the central bank’s dedication to finding effective solutions that would allow banking operations to continue uninterrupted, thereby ensuring that essential financial services remain accessible to all, even in times of crisis.
Messenger/Disha
