Regulatory Alerts2023-07-26
Added
DFIM Circular Letter No. 16: Inclusion of Passing Banking Professional Exam (Former Banking Diploma Examination) in the Promotion Policy of Officers as Mandatory Requirement.
The Department of Financial Institutions and Markets clarifies exemptions from the mandatory Banking Professional Exam requirement for officer promotions under DFIM Circular No. 01/2023. Officers appointed or promoted immediately prior to that circular are exempt from the exam for their next single step promotion, though they must pass it for subsequent steps or if joining another institution at a higher rank. Additionally, officers previously exempted must pass the exam if posted to departments related to authorized banking business core services.
Financial Institutions and Markets Department Bangladesh Bank Head Office Dhaka. Ref No.: D.F.I.M. Branch DFIM Circular Letter No.-16 Managing Directors / Chief Executive Officers All Financial Institutions operating in Bangladesh.
Dear Sir,
Regarding the inclusion of passing the Banking Professional Exam (formerly Banking Diploma Examination) in the Officer Promotion Policy as a mandatory requirement.
Reference is drawn to DFIM Circular No.-01, dated February 22, 2023, on the subject mentioned above.
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Through the aforementioned circular, it was made mandatory to pass both parts of the Banking Diploma (renamed as Banking Professional Exam) organized by The Institute of Bankers, Bangladesh (IBB), for inclusion in the list of eligibility for promotion to Senior Officer or equivalent positions and all subsequent positions, with the aim of enhancing the skills, qualifications, and capabilities of financial institution officers.
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Currently, the curriculum of the Banking Professional Exam has been updated to include extensive theoretical and practical knowledge consistent with modern banking and financial activities, making it contemporary. It has been observed that a specific period is necessary for officers to acquire comprehensive knowledge regarding this changed curriculum. In light of this, to resolve the complexities arising in the promotion of officers currently serving as Senior Officers or equivalent positions, the following instructions shall be followed:
(a) Officers who were appointed or promoted immediately prior to the issuance of DFIM Circular No.-01/2023 will be exempted from the obligation to pass the Banking Professional Exam for promotion to one step higher than the position they held. However, the instructions specified in the circular must necessarily be complied with for their promotion to the next position;
(b) Any officer currently serving as a Senior Officer or equivalent position or a higher position in a bank or financial institution must pass the Banking Professional Exam if they are appointed to a relatively higher position in another financial institution. However, officers of banks/financial institutions who were appointed or promoted immediately prior to the issuance of DFIM Circular No.-01/2023 will be exempted from the obligation to pass the Banking Professional Exam if they are appointed to another financial institution at a position immediately one step higher than the position they held. This policy shall also be followed for the appointment of Managing Directors / Chief Executive Officers; and
(c) Officers who were exempted from the obligation to pass the Banking Professional Exam under DFIM Circular No.-01/2023 must pass the Banking Professional Exam if they are posted to any department related to the core services of authorized banking business of the financial institution.
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Furthermore, other instructions of DFIM Circular No.-01/2023 shall remain unchanged.
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These instructions are issued under the authority granted by Section 18(6) of the Financial Institutions Act, 1993.
Yours faithfully,
(Md. Amir Uddin) Director (DFIM) Phone: 9530178.
11 Srabon 1430 Date: 26 July 2023