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Bank-Company (Amendment) Bill, 2017 placed in JS

SANGSAD BHABAN, Sept 12, 2017 (BSS) - Finance Minister Abul Maal Abdul Muhith today placed the "Bank-Company (Amendment) Bill, 2017" in the Jatiya Sangsad with a view to bringing some changes in the process of nomination to the top positions of the bank and tenure of the directors.

As per the new amendment of the bill, it has been proposed that four members of a family instead of existing two can be inducted in the board of directors of a bank at a time, and a person can hold the post of a director of a bank for nine years continuously instead of current three years.

Earlier, the cabinet approved the draft of the bill at its regular meeting with Prime Minister Sheikh Hasina in the chair on May 8, 2017. The draft was approved with bringing changes for fulfilling a long-run demand of the private bank owners particularly the promoters.

Jatiya Party lawmaker Fakhrul Imam objected to the placement of the bill in the house terming the proposal for raising the number of sponsor directors of the private banks from existing two to four from a family as unethical. He called for withdrawal of the bill as it would help open the floodgate for plundering depositors money by the sponsor family directors of the banks.

The finance minister gave the justification for placing bill in the house.

Later, the House sent the bill to the parliamentary standing committee concerned for scrutiny and asked to return back it by two months.

Besides, the minister also placed Bangladesh Security and Exchange Commission annual report 2015-2016 in the Jatiya Sangsad.

He also placed 79 Audit and Accounts reports in the house while 66 audit reports and 13 accounts report as per Article 132 of the Constitution.