Regulatory Alerts2008-07-23
Added · Updated
Appointment of Directors from the Depositors of Banking Companies Rules, 2008
Bangladesh Bank promulgated the Appointment of Directors from the Depositors of the Banking Companies Rules, 2008, to implement section 15(5) of the Banking Companies Act, 1991. The rules establish fit and proper criteria for depositor-directors, including deposit maintenance, educational qualifications, and restrictions on shareholding, employment, and political affiliation. Banking companies in Bangladesh, excluding foreign banks, must propose two depositor-directors to Bangladesh Bank for approval, with a tenure of three years and a maximum of two consecutive terms. The appointed directors serve in addition to the thirteen board members specified under the Act, and their removal requires prior approval from Bangladesh Bank.
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