Regulatory Alerts2024-08-22
Added · Updated
BRPD Circular Letter No. 38: Appointment and Responsibilities of Managing Director/Chief Executive Officer of a bank-company
The Bangladesh Bank amends Paragraph 12 of BRPD Circular No. 05/2024 to allow the Managing Director or Chief Executive Officer of a scheduled bank to travel abroad without prior approval if the bank has an approved overseas travel policy. This exemption requires the officer to notify the Banking Regulation and Policy Department in writing at least ten days before departure, providing the name, designation, and contact details of the acting officer. These instructions are issued under Section 45 of the Bank Company Act, 1991, and take effect immediately.
Bangladesh Bank Head Office Motijheel, Dhaka-1000 Banking Regulation and Policy Department Ref No.: BRPD Circular Letter No. 38
To: Chairman, Board of Directors and Managing Director or Chief Executive Officer All Scheduled Banks operating in Bangladesh.
Dear Sir,
Regarding the policy on the appointment/appointment of the Managing Director or Chief Executive Officer of a bank-company and their responsibilities.
Reference is drawn to Paragraph 12 of BRPD Circular No. 05, dated: February 27, 2024, on the subject mentioned above.
- Through Paragraph 12 of BRPD Circular No. 05/2024, it was directed that if the overseas travel of the Managing Director/Chief Executive Officer of a bank-company is essential, an application must be made to obtain prior approval from the Bangladesh Bank 10 (ten) days before departure from the country. Now, Paragraph 12 of the said circular is replaced as follows:
"In the case of essential overseas travel of the Managing Director/Chief Executive Officer, with the approval of the Board of Directors/appropriate authority, they may travel abroad without prior approval from the Bangladesh Bank in accordance with the bank's own overseas travel policy. In this regard, the Managing Director/Chief Executive Officer must inform the Banking Regulation and Policy Department (Division-2) in writing of the name, designation, official phone, cell phone number, and email address of the officer who will assume their responsibilities during their absence, at least 10 (ten) days before leaving the country."
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Except for the aforementioned instructions, all other instructions contained in BRPD Circular No. 05, dated: February 27, 2024, will remain unchanged.
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These instructions are issued under the powers conferred by Section 45 of the Bank Company Act, 1991, and will take effect immediately.
Yours faithfully,
(Md. Harun-Or-Rashid) Director (BRPD) Phone: 9530155
07 Bhadra 1431 Date: ------------------- 22 August 2024