Dhaka, Bangladesh (BBN)- The central bank of Bangladesh Bank on Tuesday asked the commercial banks to complete the appointment process of two directors from among the depositors by September 30 next.
"We've asked the banks to appoint such directors to comply with the existing rule," a senior official of the Bangladesh Bank (BB), the country's central bank, told BBN in the capital, Dhaka.
On July 23, 2008, the central bank issued a rule allowing the commercial banks to appoint two directors from among the depositors in line with the existing Bank Companies Act.
Under the new rule, the board of directors of a bank will submit proposal to the central bank seeking approval on appointment of the directors.
The official also said the banks will have to take necessary initiatives for appointment new directors within 15 days in the event of retirement of such directors.
The central bank of Bangladesh issued a circular in this connection on the day and asked the chief executives of all local commercial banks for taking necessary measures to appoint the directors within the stipulated timeframe.
BBN/SI/SI/AD-19August08-9:29 PM