Information and Broadcasting Minister Zahir Uddin Swapan has said that reforming the banking sector is essential for building a stronger and more sustainable economy, adding that there is no alternative to such reforms. He also remarked that groups involved in irregularities and control of the banking sector often become a source of concern for small investors in the stock market.

The minister made the remarks while speaking as the chief guest at a seminar titled “Good Governance in the Banking Sector and the Role of the Media, organized by the Economic Reporters Forum (ERF) in the capital on Sunday.

Swapan said an analysis of the country’s non-performing loans clearly reveals who the genuine entrepreneurs are and who have engaged in fraudulent practices. Describing the banking sector as the lifeblood of the economy, he stressed the need to establish good governance in banks while also strengthening the capital market to ensure sustainable economic growth.

Highlighting the role of economic journalists, the minister said they serve as one of the most effective watchdogs of banking governance. According to him, the public has learned about various irregularities, corruption, and challenges in the banking sector largely through media reporting.

He emphasized that while the media should enjoy maximum freedom, such freedom must be grounded in objectivity and credibility. Media organizations, he said, must follow professional and responsible practices that naturally earn public trust rather than merely demanding it.

“The primary measure of media accountability is objectivity,” Swapan said, adding that journalists and media outlets that are more impartial and data-driven enjoy greater credibility and influence.

Discussing the government’s reform agenda, the minister noted that several commissions have already been formed to recommend reforms across different sectors. Given the banking sector’s critical role in the economy, he said, reforms in this area will be carried out with due importance, and the government’s decisions will take into account the recommendations of the Banking Commission.

Swapan said the private sector has expanded significantly in recent years, with banks serving as the primary source of financing for entrepreneurs. However, analysis of defaulted loans indicates that while most entrepreneurs act responsibly, a small segment remains involved in misuse and irregularities.

Turning to the stock market, he stressed that the capital market must also be developed into a strong source of financing alongside the banking sector. Relying solely on bank-based financing, he said, would not be sufficient to create new entrepreneurs or fully utilize the country’s economic potential.

The minister also underscored the importance of ensuring journalists’ access to information, stating that unrestricted access to information is more important than access to any particular office or floor. “Wherever information exists, journalists should have the opportunity to reach it,” he said.

The seminar was chaired by ERF President Daulat Akter Mala and moderated by General Secretary Abul Kashem. Special guests included Nurun Nahar, Dr. Md. Ejazul Islam, Dr. Md. Mashhidul Islam Jahid, and Mohammad Mamdudur Rashid. The keynote paper was presented by ERF members Obaidullah Rony and Sanaullah Sakib.