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Govt moves to rein in willful defaulters Decides in principle to amend the banking companies act The government, for the first time, has moved to define habitual defaulters, a development that may stop delinquent borrowers from running businesses, travelling abroad, and participating in social and political activities. As part of the move, the government yesterday decided in principal to amend the banking companies act at a virtual cabinet meeting presided over by Prime Minister Sheikh Hasina. According to the draft law, an individual will be considered a willful defaulter if he or she does not repay a loan, taken under their individual name or for their company, to banks despite being able to pay it back. ....
Banks can’t appoint former MDs as independent directors Star Business Report Star Business Report Banks cannot appoint their former managing directors as independent directors at their respective board as per the provisions of the Banking Companies Act 1991, Bangladesh Bank (BB) said last week. Any regular or contractual officials of a bank will not be allowed to act as independent directors of the lender s board under any circumstances, the central bank said in a circular. Banks appoint managing directors (MDs) on a contractual basis. The BB has taken the move after a number of banks had appointed their former officials as independent directors at their boards. ....
Banks cannot appoint their former managing directors as independent directors at their respective board as per the provisions of the Banking Companies Act 1991, Bangladesh Bank (BB) said today. "Any regular or contractual officials of a bank will not be allowed to act as independent directors of the lender's board under any circumstances," it said in a circular. Banks appoint ....
BB clips National Bank’s wings Private lender barred from lending, appointing senior executives for gross irregularities In a rare move, the central bank has taken a raft of measures to put National Bank Ltd back on track in the wake of massive irregularities at the first-generation private lender. The Bangladesh Bank said NBL, one of the oldest private banks in the country, would not be able to disburse fresh loans before bringing down the advance deposit ratio (ADR) to 87 per cent. Conventional banks must maintain an 87 per cent ADR, meaning they can lend Tk 87 against every Tk 100 mobilised. NBL has been maintaining more than 90 per cent ADR for a long time, breaching the rules, compelling the central bank to take such a decision, BB officials said. ....
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