Dhaka, Jan. 31 -- A taskforce formed to redefine economic strategies for equitable, sustainable development and secure necessary resources has recommended freeing the scandal-ridden banking sector from political influence, citing financial irregularities during the ousted Awami League government.

Highlighting that a powerful vested group has undermined the banking sector for decades, its report says: "To eliminate this influence, Bangladesh Bank must be allowed to operate independently. No individual or group should be permitted to own multiple commercial banks. Politically motivated approvals for new bank licences must be halted, and an exit policy must be developed for poorly managed banks."

A summary of the report has been handed to ...