The Advisory Council has approved the Bank Resolution Ordinance to streamline the banking sector and prevent financial misconduct, said Environment Adviser Syeda Rizwana Hasan on Thursday.
In a press briefing at the Foreign Service Academy, Rizwana explained that the ordinance aims to curb the looting of money, particularly referencing how one industrial group had established a monopoly over several banks. “The ordinance was approved to prevent these issues, to bring discipline to the banking and corporate sectors, and to secure the interests of depositors,” she said.
The meeting of the Advisory Council was held at the Chief Adviser’s Office in Tejgaon, chaired by Chief Adviser Professor Muhammad Yunus. During the meeting, a committee was formed to investigate and ensure punishment for those involved in financial crimes.
Rizwana also mentioned that several other ordinances had been approved, including those concerning revenue policy and management, as well as amendments to the Grameen Bank Ordinance.
Additionally, key changes to the Code of Civil Procedure (CPC) will be introduced to implement recommendations made by the Judicial Reform Commission. These changes aim to modernize outdated judicial procedures, including integrating execution within the judgment itself, eliminating the need for separate verdicts. Summonses will be sent through telephone, SMS, and notifications via email and WhatsApp to the accused once a case is filed.
Regarding the Grameen Bank Ordinance, Rizwana pointed out that the previous regime had politically targeted Chief Adviser Professor Muhammad Yunus, who had been involved with the bank. The new law will designate Grameen Bank as a public-interest institution.
