BAB demand is ludicrous!

In a move that can at best be described as preposterous, the Bangladesh Association of Bankers (BAB) has asked the government to help stop negative publicity in media that can undermine public's confidence in the banking sector. The fact of the matter is that a bank is not undermined by media reports; it is really undermined by bad governance leading to gross mismanagement by the bank itself including the directors. Media reports only when mismanagement occurs, and at this stage it is our duty to do so.

This attempt by BAB, to enlist the finance ministry's help to gag whatever free press that exists in the country, is unheard of. And what exactly does BAB mean that even the publishing of "accurate information" could harm the sector? Are we then to believe that bank loan scams should not be reported at all?

We can understand how the boards of some corruption-ridden financial institutions do not like the press. After all, we have been reporting on loan scams since 2009 and it is the inability (or unwillingness) on the part of bank managements and the government to put in checks-and-balances to stop corrupt practices that led to the failure of the Farmers Bank, not because of reports in the press.

We in the media stand for transparency and accountability in our banking system and strongly oppose any move to stifle freedom of expression by a coterie of a self-serving interest group which wants the public to remain in the dark about banking irregularities that have destroyed whatever good image the sector had. The letter sent to the finance minister asking for such a draconian measure has drawn criticism from former bankers, experts and finance advisors alike. If any bank believes a news report to be false, it can file a complaint with the Press Council. Perhaps, BAB should look at existing laws to counter reports they deem to be erroneous or false before asking the State to stop the media from reporting the facts.