Finance Minister AMA Muhith today said that the government is heading to form banking commission soon to look into the reason behind the current vulnerable situation in the financial sector.

“It’s not going to be placed in the upcoming budget. But, it will be formed any time,” he said at a pre-budget discussion organised by Bangladesh Study Trust (BST) at the National Press Club in Dhaka.

Stressing the need for formation of the commission, he said the last commission was formed in 2004 and then the banking sector was grown enormously.

Admitting that there are many types of problems in the banking sector, Muhith said the sector will not work properly if the borrowings of directors are controlled.

Muhith’s comments came when the country's banking sector is suffering from loan scams, high and lack of good governance.

“Banking scams is a very serious matter. And thus, we all have indicated forming a banking commission very shortly,” the finance minister adding that the government may need to recast the bankruptcy law.