News Desk:<\/p>\n
The cabinet on Monday approved the draft \u2018Bank Company (Amendment) Bill, 2017\u2019which will allow four members of a family to be the directors of a bank.<\/span><\/p>\n The existing law permits only two members of a family to be the directors of a bank.<\/p>\n The cabinet gave the approval at its weekly meeting held at the Secretariat with Prime Minister Sheikh Hasina in the chair.<\/p>\n Cabinet Secretary Mohammad Shafiul Alam, while briefing reporters after the meeting, said it was the desire of the founding directors of private banks that four members of a family should be allowed to be directors of a bank instead of two. \u201cThe Bangladesh Bank has also given a positive note in this regard,\u201d he added.<\/p>\n As per the amended law one director will be able to remain in his post for nine consecutive years. \u201cAfter giving a three-year break, he will be eligible to be director again for another nine years,\u201d he added.<\/p>\n Currently, one is allowed to remain director of a bank for six years and after a three-year break he or she can be director for another six years.<\/p>\n The draft law also restricts commercial banks from selecting, nominating, appointing and posting anyone to the posts of director, managing director and chief executive officer without any prior approval of the central bank.<\/p>\n \u201cIf Bangladesh Bank rejects the selection, nomination, appointment and posting that will stand cancelled,\u201d the Cabinet Secretary said.<\/p>\n","protected":false},"excerpt":{"rendered":" News Desk: The cabinet on Monday approved the draft \u2018Bank Company (Amendment) Bill, 2017\u2019which will allow four members of a family to be the directors of a bank. The existing law permits only two members of a family to be the directors of a bank. The cabinet gave the approval at its weekly meeting held […]<\/p>\n","protected":false},"author":2,"featured_media":6398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-6397","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1"],"yoast_head":"\n