7 banks face Tk 9417cr capital shortfall

Muhith places quarterly budget update in parliament

Staff Correspondent | Published: 00:05, Feb 27,2018 | Updated: 00:03, Feb 27,2018

 
 

Finance minister Abul Maal Abdul Muhith on Monday informed parliament that seven of 57 the banks in the country –– four state-run and three private banks –– were facing shortfall of Tk 9417.42 crore in capital.
Replying to a question from independent lawmaker Mohammad Abdul Matin, said that the deficit in capital of the four state-run banks stood Tk 7626.23 crore while the deficit of the private banks stood Tk 1791.20 till September, 2017.
The shortfall in capital stood at Tk 3140.41 for Sonali Bank, Tk 689.90 crore for Rupali Bank, Tk 1272.93 crore for Janata Bank and Tk 2522.99 crore  for BASIC Bank while Tk 231.31 crore for Commerce Bank,  Tk 74.76 for The Farmers’ Bank and Tk 1485.13 crore for ICB Islami Bank, said the finance minister.
The minister said that steps were taken to meet up the capital crisis in the banks.
The government provided Tk 10,272 crore starting from 2005-06 to 2016-07 to overcome the crisis, he said.
Earlier, Muhith said that the import payment marked 28.4 per cent increase in the first quarter of the current financial year compared to the same period of the previous financial year because of rise in ‘consumption’.
He said that the import payment was $ 3.16 from July 2017 to September 2017 while presenting the implementation of the first quarter of the current fiscal’s national budget in parliament.
The import payment crossed $47 billion in the past fiscal, he said.
According to the presentation, the export payment recorded paltry growth of 7.6 per cent compared to staggering growth in payment of import.
Muhith, however, said the benefit of the huge import would be got in the next quarters.
He told the parliament that all major indicators of the budget and macro-economy, including revenue earning, development expenditure, deficit financing, exports, inflation and remittance, were in good share in the first quarter.
According to the finance minister, revenue earning grew 19.2 per cent, utilisation of development expenditure increased by 6.9 per cent, inflow of remittance rose by 4.2 per cent and inflation increased by 5.5 per cent.
In June 2017, Muhith had announced the national budget of Tk 4,00,266 crore for fiscal year 2017-18 with 7.4 per cent growth rate in gross domestic product.
The revenue target was fixed at Tk 2,87,990 crore and the budget deficit at Tk 112,276 crore.
A total of Tk 2,41,253 crore was allocated for non-development expenditure including other expenses and Tk 153,331 crore for the annual development programme. 

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