Regulatory Alerts2023-09-03
Added
BRPD Circular Letter No. 37: Appointment of director, contractual advisor and consultant for Bank-Company
The document amends paragraph 3.2 of BRPD Circular Letter No. 27 dated May 12, 2021, to standardize eligibility criteria for directors of banks and financial institutions under the same monetary umbrella. It stipulates that an individual is ineligible for appointment as a director of the same bank if five years have not elapsed since the cessation of their regular or contractual service, or the expiration of their contract term. All other instructions in the referenced circular remain unchanged, and this directive is issued under the powers granted by Section 45 of the Bank Companies Act, 1991.
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