Finance Minister Abul Maal Abdul Muhith has admitted that the number of banks and financial institutions is higher than need.
"Both the banks and FIs in the country are bigger in number. I think, there should be consolidation (of these banks) in this sector," he said.
The minister made the remarks while talking to reporters after a meeting of Cabinet Committee on Public Purchase on Wednesday, reports UNB.
Criticisms are there by economists and experts in the financial sector that many banks and financial institutions are allowed to come into business without assessing their proper need and performance.
The finance minister also said he is planning to prepare a report focusing on the future reforms in the banking and financial sector.
"My report will mainly focus on banking reforms. But the report will be elaborated covering the whole financial," he said.
Muhith, however, said the report will not be a secrete-one as it will be made public through media.
He also hinted that the election-time government might be formed within the current month and he might be included in the cabinet.